Who doesn’t like listening to music? Plugging in and tuning out of the world is a popular pastime for many music enthusiasts. Addtitionally, the beat, tempo, and rhythm are excellent for your memory, help you relax, and conrol your mood.
According to the Global Music Report, America has the most significant music industry in the world and earns over $6 million from concerts, merchandising, and tickets. So it’s no surprise that the music industry is expanding with time, bringing new gear, innovative ways to enjoy tunes, and talented artists. For your understanding, here are some trends you need to know about:
Automation and Artificial Intelligence will change the music market
The algorithm plays a significant role in helping artists find a place on music playlists. It allows singers to compete on popular streaming platforms like Spotify. This helps blooming artists gain exposure since their work gets recommended as the algorithm pushes them to the front. As an audience member, AI will ensure that all your music demands get met by keeping a steady track of artists available for you to explore.
Predictive analysis will also go through all your electronic devices and listening history to curate a list of personalized songs according to your mood, time, and season. This will encourage you to stream more music and add revenue to the industry.
Furthermore, intelligent devices like iPods are integrated with features like voice search, making looking for artists much easier. Better electronic gadgets that facilitate your look for musicians and songs are a form of invention music that will determine the industry’s trajectory. So far, smart devices have bridged the gap between consumers and their favored artists.
TikTok will continue reigning the industry
TikTok is a social media site created to create, share and view videos, but over time it also became a hub for discovering music. By September of 2021, it had over one million global users, and this number doesn’t seem to be slowing down. Music consumption has changed rampantly, and TikTok has a significant hand in it. Now any song can rise to the ranks organically, no matter how old it is. This has revived many vintage artists allowing them to go up global music charts again.
TikTok also works with record labels to purchase the rights to use songs in their filters, generating more revenue for the company. As a result, no matter how old a song is, it can chart on the Billboard 100 or go up Spotify Viral 50. This is best illustrated by the revival of a famous 1959 song by Paul Anka called “Put your head on my shoulder,” which recently hit number 2 on the billboard hot 100 charts.
After hearing a song, more than 60% of TikTok users will seek out the song and purchase it, adding to the music industry.
Concerts are popular again
Celebrities are back to touring and holding widespread concerts. There are many reasons why this is happening. For one, it is partially because of the delays and postponements caused by the pandemic, which encourages fans to attend these musical festivals again. At the same time, after experiencing isolation for one whole year, it is understandable why fans would want to see their favorite celebrity perform.
However, this year is not free from concerts, with iconic bands like the Backstreet Boys and Metallica holding concerts. These gatherings are also suitable for getting a taste of nostalgia after a long time. Expect more shows and tours in the coming years since live music is back, and it’s not going anywhere anytime soon.
However, there is a slight catch. You should expect the pricing of converts to shoot up considerably owing to their popularity.
Gen Z will discover music on social media
The latest generation is still in the process of learning about themselves and the music they like. Following their predecessors who picked up new songs while playing video games, most Gen Z children will pick up on songs by joining social media applications. The culture of short videos and music in the background has encouraged most Gen Z to pick up a new piece and stream them.
Popular social media platforms include Twitter, TikTok, and Instagram. While TikTok is in the lead, Instagram is not far behind as a resource to play new music. This application also uses filters to mix music and put it on display. But there is still a generation of 13% of teenagers who use video games to find pieces. The meme culture also brought music with it.
Celebrities are getting involved in NFTs
NFTs and cryptocurrency have been the hyped trends for the last few years. However, NFTs have gotten a particular string of endorsements from celebrities.
NFT refers to nonfungible tokens that cannot be replicated and are expensive to buy. But as the Metaverse comes into the picture, you should expect many large corporations to invest in NFTs and encourage you to use your money to buy them.
Eminem has already started purchasing NFTs under his name, which has led to a trend in young followers also purchasing NFTs. However, artists plan to release albums and new songs in the form of these tokens, making them into collectibles. This changes both the merchandising and music industry.
Music is a wealthy sector In the US. It brings in a high amount of revenue which will only escalate as this industry grows. Numerous trends are shaping the music industry we know today. Some include AI-based music, TikTok as a popular streaming platform, and converts getting revived again. Many Gen Z children will now use social media apps to learn about music and discover new songs, while NFTs are moving on from being digital assets to actual merchandise and possible record labels. Music will be more than a means of enjoyment. It is becoming a tool to expand and make more valuable merchandise.