The music streaming industry has changed dramatically. Consumers no longer have to purchase individual songs or CDs to listen to their favorite songs. Instead, they can pay a monthly fee for music streaming services, allowing them to listen to all the songs they wish.
What does this mean for the music industry, then?
People can now listen to more music via music streaming services. You can now access your favorite and similar songs and everything else. This has resulted in small artists being more easily discovered and has increased their recognition. It has also changed how we listen to music and opened up new opportunities for live streaming.
The music streaming market was worth 20.9 billion in 2019 and is projected to grow at a compound annual rate of 17.8%. This mix includes services other than Spotify and Apple Music. This is about podcasts, music videos and audiobooks. These services offer a simple experience and let users listen to what they like, whenever they want.
The RIAA conducted research in 2019 and found that music streaming accounted for 80% of the total revenue generated from the recorded music industry.
You should keep streaming services in your mind if you are interested in a career as a musician. This will allow you to stay on top of trends and adapt to new opportunities.
Let’s look at trends we believe will shape the future music streaming services over the next years.
Our Radar Features Music Streaming Service Trends
New Ways to Live Stream
People used Instagram and YouTube to stream live during the COVID-19 pandemic. Consumers no longer tune in to their radio station to hear their music. Instead, consumers are turning on live streaming from concerts, artist debuts, DJ performances, and everything else. This suggests that virtual concerts may not have been just a temporary solution for social distancing during the pandemic.
Major players in music streaming services like Spotify are now leveraging live streaming experiences. What are we anticipating? Live to a stream of concerts and other virtual concerts. You can only access certain streaming services to get DJ sets and shows. There are many options.
AR, VR, AI
There is no telling what AR and VR will do for music and how these concepts can change the landscape of music. Although you may not be aware, music is already integrated into these experiences using Snapchat Lens, TikTok and VR headsets. Music is an integral part of everything we do.
MelodyVR brings live music to your smartphone. This app is designed for VR headsets and allows you to enjoy live music at a new level. It allows users to purchase tickets to live performances at music venues and festivals. This brings the live experience of a music festival to their doorstep. It’s, in some ways, the first of its kind and gives the music industry a glimpse into the future of streaming.
Fewer advertisements, more paid subscriptions
Paying subscriptions is becoming more popular. Spotify announced it had more than 180 million paid subscribers at the end of Q4 2021. Spotify has increased by more than 56 million in the last two years. As more people opt-in for paid music subscriptions, the industry will continue to be shaped in the next few years.
The Rise of The Metaverse
The Metaverse is an innovative idea with tons of potential for music streaming. The music industry will continue to watch the popularity of metaverses, eager to learn how live streaming works, what music streaming services integrate with it, and how it will change the music landscape. This is a concept that could become something far greater than we imagined. Some believe Spotify may be hinting at an entry into the Metaverse, which could mean something completely new for the music industry.
It’s an exciting time to be a part of the music business. You might consider a career as a music entrepreneur if you are interested in the industry and wish to learn more about emerging trends in streaming services.
It is essential to be able to understand the industry’s constantly changing landscape.
MI offers a Music Business School program. It features interactive learning and in-depth training with industry professionals who bring real-world experiences to the classroom. The topics we offer cover a wide range of industries.
Music streaming services will continue to grow in popularity, and new ways for consumers to stream music will be available. The music industry will continue changing and adapting, becoming more successful. We encourage you to check out our program if you are ready to make a difference and bring your passion to new heights.