Every year sets a milestone in the music industry, coupled with new platforms and media outlets gaining enormous popularity. New technologies also give opportunities to people who had no access to them before ability to use creative tools.
It seems genre-bending is all the rage these days, and with good reason. Artists used to be put into very specific boxes 10 years ago. You were either a rap star or a pop star. Genre-bending was largely unknown, and fans and the music industry often criticized artists who attempted to break out of the box. Today, genre-bending is a growing trend in the music industry, with fans and music lovers accustomed to diversity. With this, many music icons have their own means to reach their fans and one of these is Dan Avidan’s medium. These mediums are a great way to promote a band, gain exposure, and make money simultaneously.
Alternative Revenue Streams
The latest buzzword in the music industry is royalty and copyrights. These terms apply to music consumption in multiple forms – CD sales, streaming platform plays, live performances, and music festivals.
Artists can tap into their fans’ marketing and PR potential by partnering with companies that produce signature products. Brands that partner with artists include apparel, social media apps, and grooming products. These partnerships often require a significant following, but they can be very profitable. Musicians can use the revenue to fund new music equipment, new albums, and even new artwork.
Streaming services have become a crucial part of the music industry, bringing a broad musical library to users’ fingertips. But critics have criticized these services, claiming they are not representative of the diverse musical styles. Fortunately, a recent survey found that people prefer to attend live concerts. Even so, a skeptic may be forgiven for pointing out that live concerts are more personal and often more memorable.
The global music industry, the trend toward streaming has been accompanied by a growing dependence on paid subscriptions. In 2017, nearly two-thirds of the total revenue was generated by paid subscriptions on streaming services. However, pirate services are still popular outside of North America and Europe. Overall, 85% of music markets were digital-first in 2017. This means that streaming services are the primary source of recording revenue in every country.
With the increasing popularity of gaming and music, many musicians and labels are turning their attention to the game streaming and distribution sectors. YouTube, which is connected to many DSPs, has reported that over 100 billion hours of gaming videos are watched on the site every year. Twitch, one of the leading gaming live streaming services, reports that users of this platform spent 17 million hours on music videos in April 2020. These statistics represent a significant increase over the previous year when users of the platform spent more time watching gaming than music videos.
Streamers can provide a much more granular view of their audiences, as their fans are often thousands or even millions of members. Streaming also allows music labels to reach an even wider audience. The popularity of gaming music platforms like Twitch and YouTube is a testament to this. With gaming becoming more popular, more people will be exposed to new music.