Music has evolved over the years, but so has how we listen to it. With the rise of globalization and innovation, new platforms like Spotify and Apple Music have emerged. And these have undoubtedly transformed the music listening experience.
Decades ago, we would have to go to the nearest record store to buy physical copies of albums so we could listen to our favorite music. However, this is no longer the case anymore. In this article, we will dive deeper into the various ways such convenience has left an indelible impact on the music industry.
Music Artists No Longer Make As Much Money Anymore
Perhaps one of the most notable impacts streaming platforms have made on the music industry is on the profit margin for artists. This is mainly because they have not just made music accessible and convenient but also cheap. With a small monthly fee, you can stream whatever music you prefer.
As a result, artists don’t make a fortune they once used to through selling physical copies of their albums. Their primary payment mode through streaming is advertisements, which are simply not as lucrative.
Smaller Profit Means Shorter Songs
Since streaming does not pay artists as much as CD and album sales, musicians are left with no incentive to release longer tracks. Now, the average length of songs is two and a half minutes.
Streaming accounts for a small amount of the overall revenue earned by artists as they are paid a minute amount per stream. Hence, they are not as driven to create longer tracks when they are not making a fortune.
Another reason is simply that artists want to churn out more tracks, which is easier to do with simpler and shorter songs.
More Diverse Music Emerges
The most positive impact streaming has had on the music industry is in terms of diversity. Not only can smaller artists easily reach a wider audience, but they can also widen their target audiences. Now, artists are aiming to create music that appeals to a broader demographic.
Musicians don’t stick to one genre anymore. The perfect example is Lil Nas’ ‘Old Town Road.’ The song combines various genres, including Hip Hop, country, rap, and more. Hence, appealing to a wider audience.
Greater Competition, More Collaboration
Streaming has made it easier for budding musicians to become popular. As a result, competition within the music industry is fiercer than ever. Artists must constantly churn out new tracks to stay ahead of the game.
This leads to more collaboration not just between musicians but also amongst writers and producers. For example, Cardi B’s album, Invasion of Privacy, provides over 100 writing credits.
With greater accessibility, convenience, lower prices, and bargain deals, more and more people are signing up for streaming platforms. These platforms now have over 100 million subscribers eager to discover new music and keep replaying their favorite oldies.
This is still great for the music industry. Perhaps not exactly on the business front, but definitely when it comes to being popular, reaching a wider audience, and collaborating with others in the industry.