The business of music has grown to become wide and extensive without much recognition from the public. Often, people only associate the music industry with its glitz and glam, overlooking a huge portion of the individuals who work behind the scenes to make it all possible.
Given the recent advancement and digitalization of the way the music industry operates, there are a whole lot of interesting initiatives that go on at the backend; from the individuals who finance the majority of the industry’s activities (record label owners/investors) to the ones who go about trying to put things in place (talent managers), the ones who ensure the songs become accessible (music distributors), the ones who guarantee that people receive payments and credits for their works (music publishers), and a whole lot more.
Tech companies are increasingly making extensive use of data to provide digital solutions to the industry.
Some of the digital innovations that are almost new to the industry are:
Music streaming platforms such as Spotify, Apple Music, and Audiomack that enable you to listen to music without disruption by integrating data to build individualized playlists, as well as tech options for artists to get additional insight about touring, branding, and demographic data.
Relevant apps and digital options that artistes use to distribute their songs/projects through conventional channels like iTunes, YouTube, Boomplay, etc. without spending loads of money, gaining demographic information, new insights about branding, touring, and marketing, and developing fantastic relationships with their fans (like sending monthly newsletters with MailChimp), amongst others.
With these advancements, everything is now easier and faster, leading to increased chances for everyone working in the music industry. It has indeed contributed to the industry’s expansion, as there are new conditions to diversify revenues as NFTs and other forms of income are provided.
Without a doubt, doors have been opened for artists and entrepreneurs who would not have otherwise had the opportunity to thrive in the industry.
In this column, “The Business of Music,” we will subsequently share information surrounding tech, start-ups, funding, and the existing structure in the music industry.