During the pandemic, the industry affected as much as the travel industry has been the music and entertainment industry. There has been an increase in content consumption and streaming channels due to many people being at home. The seven shares that have been successful throughout the pandemic and have kept the music industry alive consist of:
- Apple (NASDAQ: AAPL)
- Dolby Laboratories (NYSE: DLB)
- Sirius XM (NASDAQ: SIRI)
- Sonos (NASDAQ: SONO
- Sony (NYSE: SNE)
- Spotify (NYSE: SPOT
- Warner Music (NASDAQ: WMG
In fact, the democratization of the music industry being driven forward has been enabled by various digital channels. Some have the skills for generic industry research, and can make calculated moves in music management. Then there are the ambitious independent artists and trailblazers who drive paths to success for the general industry.
Michael Stemley, who manages and develops celebrities in the entertainment sector, states that “A solid multi-channel distribution plan typically includes Spotify, iTunes (Apple Music) and Amazon – which is the biggest incubator for rising talent and revenue diversification strategy for established artists”.
Stem also notes that “Big names who did not diversify, clearly saw a huge dip in revenue during the 2020 COVID-19 pandemic, although most of them were quite capable of sustaining themselves using their fame and deals with record labels. This ensured that they retained continuity in revenue from their more conventional channels”. This claim reveals that artists with a social presence and distribute their music through the internet have more recognition and fame compared to artists who only use conventional methods to get their music to the public.
As a matter of fact, fragmented opportunities exist for talented artists to maintain their social status and success exist via social media and the internet. A report by Statistica claims that the combined market share of the abovementioned channels represents an estimated 69% of the overall online streaming industry. There is a longtail of other streaming channels. These also have incredibly loyal users representing the remaining 31% of users, spread across Tencent, YouTube, and others.
Artists with limited resources will try to use multiple digital channels to start their music brands and use that to get their music out there and become a well-known artist, which gives them options on who they want to work with. On the other hand, established brands have record agreements, live performances, and concerts, and are often only tapping the top digital channels, omitting the effort to work with smaller ones.
To conclude, artists who use multiple social channels and have an online presence will be more successful when it comes to getting their music out. In addition, these artists will have more options for record deals and gigs. To learn more about the music industry and where it is going, visit the source article on the ValueWalk website.
Canyon Entertainment Group is a leading entertainment company and music label passionate about developing new talent. To learn more about the music industry, check out the company website and contact info(at)canyonentertainmentgroup.com for more information.
