The Music Industry is known to change as much as the Technology Industry. Now, though, these changes are more of an advantage than ever before for Musicians and music lovers.
As shared on Forbes, streaming flipped the Music Industry upside down. This change in the way consumers listen to music created new opportunities, and challenges, for Artists. Musicians such as Chance The Rapper made history through streaming. Then, Hip Hop became the most consumed genre of music for the first time history. Now, Gary Suarez at Forbes mentions how these changes have also affected certain attitudes towards brands partnering with Hip Hop Artists.
“There’s an education process that’s happening… Slowly, they’re coming aboard.”
-Ethiopia Habtemariam (Motown Records President) via Forbes
On top of all this, though, new technology suggests that streaming’s strong arm could also get a run for its money soon. As music consumers tastes “evolve”, these new technologies such as Virtual Reality and private block chains are expected to generate a profound competitive advantage for those that implement them into their brands. Spotify is already including block chains. Additionally, with these advancements fans are said to be able to expect experiences with more meaning and lasting effect.
That said, let’s see how this all pans out.