The State of Today’s Music
Streaming dominant force of recorded music, and its significance grows yearly. Streaming nowadays is so popular that in U.S., streaming accounts accumulates around 80% of music revenues. Spotify is the next Netflix of the music industry for today’s generation, dominating its competitors with around 248 million active users in the last quarter of 2019, out of which 113 million users pay for the privilege of a premium account. Streaming is now a global phenomenon among the newly borderless, internet- driven world.
The State of Tomorrow’s Music
For the music industry to increase its revenue, apart from growing streaming and globalization, upgrading and creating new technologies is necessary. Contemporary AI-driven home assistants – such as Google and Alexa – make entertainment more and more accessible. A person can simply call out a song while sitting on the conch or cooking, and that song will play. Another massive force developing in the industry is the growing presence of wearables like Air Pods. However, according to a survey conducted by Thinkwell, a passionate fan will happily pay for the privilege to listen to their favourite artists as long as possible.
The music industry is not only about technologies though, but its overall growth is affected by a human factor. Real or live music provides a more lasting experience than a virtual performance can provide. The world of live music grows quickly almost reaching the mark of 30 billion dollars worldwide in just two years.
To find out more about the future of this industry, visit the source information at the Forbes website.
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