With the first half phase of 2017 coming to an end, it is a perfect time for reflection and setting our sites on what is coming up next. We expect more great hits on the second half of 2017. We also expect great concerts and live events as we are approaching lots of holidays and activities. Besides, we hope that more brands will be released to develop a music strategy. And with many streaming services being released, music will definitely have greater influence for brands to consider when making partnerships. With that said, here are four rampant trends on the music industry right now.
1. Streaming will Make Artists Rethink the Revenue Sources
Music streaming has risen to a greater percentage in the last couple of years. Live shows are becoming a primary source of revenue for many artists. Whereas the consumers spending on digital downloads CDs is down almost 50 percent over the past four years, live music consumer spending has risen up to 66 percent. However, artists are reacting to this shift in different ways. For instance, Adele and Taylor Swift have removed some of their albums from a few streaming sites to make more album sales. On the hand, some artists such as Puff Daddy and Foo Fighters have embraced this change. They have even gone to an extent of releasing EPs online for free.
More brands are asking whether or not streaming is the best option to avail music to people. It is an intriguing step taken between quality and access and monetizing that. It will also make the big artists get out and the smaller one becoming more involved. Moreover, the trend of smaller and emerging artists making use of audio platforms to release EPs and singles as opposed to albums is effective and smart. The reason behind this is that it allows artists to market often to their customer base and remain fresh.
2. Rise of Emerging Artists
Artist collaborations can increase value for a product. It provides a large-scale name to the brand and allows for instant consumer recognition and media coverage. However, most brands which are not in the so called ‘large-scale’ category often cannot afford these collaborations. Besides, some brands who prefer working with the big artists sometimes do not get a genuine feel because of the artists involvement with other brands thus diluting the impact.
That said, one of the big trends which will occur in 2017 henceforth will be for most brands both large and small to rely heavily on emerging artists; utilize the rising talents to boost their brands and target the engaged consumers. This new collaboration will rely more on data. Understanding the brand data and referencing it with the artist fan data will see a higher success rate or artist and brand collaborations.
3. Music and Technology
This year, the music industry will have major changes. For instance, the songwriters and artists will now distance themselves further from traditional music business models, thanks to sites such as Kobalt. Kobalt offers managers, artists, and labels, more user-friendly analyzing tools that make it simple to understand and review their varied income streams.
Artists are collaborating with tech firms. For instance, Hardware companies including Bose, Technics, and Beats By Dre, have launched their music streaming services, whereas Muzik is launching headphones with an amazing one-touch social media sharing spec. Moreover, firms that can distribute contents are partnering with music artists.
Certainly, regardless of the artist, label, or brand, everyone is now integrating their efforts with popular social media tools since it is one of the most effective metric for success. Tech companies are now proving to be a one-stop shop for music and in turn they get your attention on the products there are selling.
4. Music Industry is now Integrating with Fashion Brands
Music artists are now playing a bigger role in promoting fashion brands to more consumers. A good number of fashion brands have already begun using the music industry to market their brands. For example, the Macy’s Fashion Front Row event held in 2016 displaying over 60 designers while collaborating with a strong music performance on stage to draw a wider market. Music artists are now expected to be making more events like this one which will increase the amount of brand and artists partnerships in the fashion industry.