It is incredibly difficult to really define what the music industry actually is. In fact, even someone with a music business major will struggle to define it. It is a fragmented industry, with recording studios, independent musicians, renowned music venues, major labels, and hundreds of other elements that, put together, form the business of music. That being said, for all that disparity, lack of integration, and overall fragmentation, there are 7 key basic things that affect the business world of music.
7 Key Factors in Music
- Musicians love new technology, and often pioneer it. This includes things like crowdfunding platforms, social media, and so on. Did you know, for instance, that Daria Musk was able to find her first traction using Google Hangouts, when Hangouts was first developed? You can always count on musicians to see new things and turn them into opportunities.
- Sometimes, success makes no sense. This is because music is subjective, and what one person likes, someone else may hate. Because of this, there is also no blueprint for success.
- Studios are also adopting new technology, and this is changing how they work. Consider LANDR, for instance, where recorded music is automatically mastered online. Preliminary reports say the results are fantastic. Hence, there is now less demand for big budget recording studios, and automation is the order of the day. In fact, people can now afford at home recording equipment.
- Blockchain is likely to be the next big thing, which is the same technology used in bitcoin and other cryptocurrencies. This could mean musicians no longer need a third party to monetize on their music. However, the current structure of the music business is a significant barrier to this.
- Only the music business uses Payola. Did you know that radio stations can’t play any music that they are paid for, unless they list it as being “sponsored airtime”? Unfortunately, there is a lot of corruption in the world of music as well, which is seen in top 40 music, which is actually a representation of the minority. So called “independent” artists are also often anything but.
- There is huge growth in the market of music streaming. As innovative technologies make streaming easier and more accessible, this is likely to be the future of how music is purchased and shared.
- Creativity may not be something reserved solely for human beings. Some research has shown that machines are able to automatically produce unique pieces of emotional and beautiful music. They may not understand it themselves, but it pulls on the heart strings of humans. Where this is going to go is anybody’s guess.
The music industry is in a constant state of flux, development, and change. By completing music business studies, more than anything, you will be equipped with the skills to change along with it. This is a fascinating field of work, regardless of which element of the industry you end up being involved with.