With all the music streaming platforms readily available at our fingertips, it’s hard to imagine why actually buying music is still an option. Many people may ask, “what is the incentive to buy each song individually when you can pay a flat monthly rate to stream thousands of full albums right on your device?” and they certainly have a point. Plus, not only does this model save consumers money, it makes money for labels.
Before streaming services like Spotify, SoundCloud, and Pandora were part of the mainstream, MySpace had a solid hold on the online music-social media hybrid industry. But, as the social network began to decline in popularity, all the artists and users it had once consolidated into its platform left – and spread themselves across a multitude of new music streaming services. While this much unorganized talent may seem like a daunting task for social media-music startups to take on, Bas Grasmeyer, in his article “Online Music is About to Experience Another Myspace Moment,” thinks MySpace’s fall from grace is the perfect storm for young companies to do something profound in the music-social media hybrid industry. Grasmeyer states, “From the ashes of MySpace, which never managed to recover, rose a new ecosystem of music startups.”
Consumer data is arguably the most important marketing tool for everyone in the music industry–whether you are a label, publisher, promoter or the artist them self, you need to know consumer trends to efficiently get your music to the public. Over the years, the music industry has completely revolutionized the way they collect consumer data, and with technology usage among consumers at its peak, this is a particularly interesting time for its development.
Earlier this month, Spotify signed a new, multi-year agreement with Universal Music Group–a deal that, as Bas Grasmeyer points out in his article, “Projecting Trends,” allows the world’s largest record label to “withhold albums from […]
In the music industry, YouTube has notoriously been known as a harsh competitor of music distribution companies, and the artists themselves. It is an accepted belief that this free video streaming platform has reduced album sales and given people less of an incentive to actually purchase music. People have painted Youtube as a greedy middleman that takes content it had no part in generating and making money by distributing it. We are quick to form this one-sided opinion about the user-generated video platform, but if we take a step back, we may see that YouTube can be a surprisingly beneficial resource for artists and distributing companies if marketing is used efficiently.
With over 50 million subscribers, Spotify is the most popular music streaming platforms. But although Spotify has a massive listening base, it has also struggled to make a profit. To turn things around, Spotify has […]
For those who don’t necessarily buy into the sensation of collecting records and maintaining a record player setup – because owning CDs and MP3s is just so much easier – I understand your thinking. There’s […]
It’s no secret that social media plays an important (perhaps the most important) role in modern day music discovery on the internet. Nowadays, it seems a song’s success isn’t measured by how many people simply listen to the track, but by how much traction it gets on social media. When a song makes its way to a number of humorous Instagram videos, memes and Snapchat stories, you know it’s a golden beat.
Why do people buy records? Is it for the all the inconvenience of buying an audio setup, and the expense of always having to shell out $20 to $40 for each record? No. It’s for the general sentiment that […]
Startups are one of the best ways communities can put tech, entrepreneurship, and art together to create something that will help local musicians. Today, many musicians struggle to make money on the road, or even in […]