How Streaming Technology is Changing the Music Industry
By Media Entertainment Tech Outlook | Wednesday, July 31, 2019
From vinyl to online streaming, the music industry has seen a lot of transformation. Here is how the industry is adapting to new opportunities.
FREMONT, CA: The way the world listens to music has changed radically with the introduction of streaming technology. Streaming services have changed many fundamental aspects of the music industry. Better network speeds and affordable mobile devices have also impacted this development directly. Musicians are now able to find wider reach, engage better with audiences, and create space for themselves more efficiently than ever before. Video streaming also plays a role in changing the way the music industry functions and the way fans perceive it.
Previously, the music industry had seen a gradual slump with the emergence of digital technologies which enabled the free circulation of music on the internet. Falling sales of music cassettes and CDs had music makers in a spot of bother. However, streaming technologies were introduced into the markets soon after, and the music industry has seen a resurgence. Not only have musicians found a way to earn with music, but they have also found bigger audiences and broader acceptance. Even small-time music makers have found a platform to produce their music, thanks to online music streaming applications.
Some of these streaming services are audio-only and provide users with subscription-based access to unlimited songs, while some also support video formats. These platforms measure success based on stream numbers. Digital sales have now overtaken physical sales by large margins
The streaming platforms have seen so much success because of all the innovations that have gone into designing them. Personalized recommendations are one of the most popular features on every streaming platform. The recommendation engines are incorporating artificial intelligence. The technology takes into consideration many data points and analyzes them before creating a list of suggestions, thereby making them highly customized. Hence, streaming is benefiting hugely from content discovery tactics, and the music industry is gaining significantly from it.
With the introduction of superior networks, high-quality live-streaming of music performances are also impacting music consumption and enhancing revenue generation for musicians. The technology of virtual reality might soon see more application in music streaming. Technology has given the music industry a lot of exciting opportunities and will continue doing so.