Top 5 Innovations Boosting Music Industry's Growth
By Media Entertainment Tech Outlook | Friday, July 31, 2020
By the adoption of modern technologies, the music industry is experiencing massive transformation in production, distribution, and consumption.
FREMONT, CA: A study of inventions could go back several years to the design of the first bone flute. From the phonograph to the mp3, the music industry is continually emerging with the help of technological innovation. The industry has developed dramatically over the last century and mostly due to the tech-driven solutions available in the market. Music technology includes innovative musical instruments, advanced sound generators, well-equipped studios, advanced audio coding solutions, integrated reproduction and streaming software, and advanced devices. Together, these are re-shaping the ways of music production, distribution, and streaming. The evolution of technology enables studios and hobbyists to produce music with high technical quality, which was unimaginable a decade back. With the new developments, listeners get instantaneous access to a variety of songs in different styles anywhere, at anytime. Here is more on the newest trends that are expected to bring more changes in the music industry.
• Personalization of Playlists
As music is a great connector, the digital age brands are now closer to making the vision of music for everyone come true. With the help of innovative solutions, brands are unveiling new, improved, and more personalized ways for customers to discover music and listen to what they love. With every kinf of music available, it can be challenging to choose what one wants to listen to. Some innovative offerings have a ready-made playlist that a listener can modify to suit to their preference by eliminating the need to search and make a playlist. The innovative solution uses different factors to analyze the music and predict listener preferences. Today, music lovers like to have more control over their listening experience, which in turn boosts the artist's popularity, and album hits. The innovative on-demand playlists offer the ability to select and play any track within the curated lists without skipping the on-going tracks or waiting on shuffle to bring up the music that the user loves to hear. These advanced features in the playlists are uniquely based on the listener's taste. With these exceptional facilities, the users can gain easy access to their favorite songs, while discovering new music becomes simpler. Also, the advanced playlist gets updated regularly based on the listening activities of the user.
• Wearable Technology
With smartwatches and fitness trackers dominating the present market, the music industry is not very far from adopting the technology for delivering uninterrupted entertainment. From creating to performing music, wearable technology has the potential to explore new business opportunities and trigger significant benefits for both users and providers. Wearables designed specifically for musicians intend to help them stick to the rhythm by delivering subtle vibrations based on the beat being created. Innovations like wearables jackets are letting the users create their music through motion and touch sensors. The advanced wearable features several reprogrammable sensors to detect movement and produce rhythms.
• Live Streaming
Music streaming contributes to boosting revenues, as there is a visible decline in music downloading rates and conventional unit-based sales. As music streaming continues to act as a vital catalyst, the music industry steadily regenerates to ease the streaming facilities in real-time instead of downloading a file to listen later. With the new features, the music industry has developed an attractive business model because there is no physical production or distribution network involved. The recurring subscription revenues, instead of single-time purchases, have gained popularity in recent years. The new business model for music streaming is attracting a large number of brands in the market space, and allowing early adopters to achieve user scale and brand recognition. Today, by the availability of the live streaming platform, the live performance of music are getting new opportunities to gain an audience. Despite the modern challenges in the industry dynamics, there is clear proof that the music industry can take advantage of the potential of streaming services, and it is quickly becoming the primary source of revenue growth.
• Smart Speaker
Today, smart speakers have become more common among music fans. Smart speakers offer a new ways for interaction across the digital music environment. The music industry is mostly powered by this innovative technology, which has not only eased the access of music for a wide range of audiences across the globe but has also become the trending topic among musicians, developers, and listeners alike. The innovative device has the potential to develop a new model of music consumption in the industry. Smart speakers are fuelling casual interaction between the music fans and music creators. The smart device for music develops personalized algorithms for the listener, which allows them to avoid asking for a specific album and go for the music of their choices. The introduction of smart speakers takes the music streaming into a new level, where shared listening rather than individual consumption through a computer can be enjoyed. Tech companies are putting a lot of energy into bringing more innovations in the field of music.
• Decentralization of Music
In the present day, the music brands are already familiar with the disruptive advantages of blockchain. The music providers and distributors have rapidly adopted blockchain technology to solve the industry's most pressing challenges. With blockchain, the music industry can establish a community of decentralized artists, listeners, and developers, who can share and redefine music. In the decentralized platform, the members of the established community can operate, maintain, and control the data with no central authority. The decentralized music community can enjoy music without censorship and in a secure and community-driven channel. With this arrangement, the musicians will be able to generate time-stamped and immutable records while taking credits and ownership of their content with public verification under high-protection. With a democratized, content-based, and protected network, content cannot be tampered, which will help the creators to gain deserved revenue from the platforms.
The above trends showcase the rapid growth and development of the music industry, as technology is streamlining ways through innovative solutions. Variations in demand towards more innovations suggest the possibility of up-coming competition in the industry. It is anticipated that more musical variety and quality improvement will be seen in the coming years, something music lovers and composers alike should wholeheartedly welcome.
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