Music Industry Review: Where’s the Progress
The music industry has transformed itself by launching several online music streaming platforms like Spotify, Apple Music, Tidal, Amazon Prime, etc. Besides, the internet and social media are also boosting the music industry and helping artists to showcase their talents.
Starting from music albums to podcast stories, there are many different opportunities for both the artists and the listeners. Furthermore, artists can use organic Spotify growth services or music album advertisement services on different platforms to make sure that their creations can reach a dedicated audience.
A preliminary report has revealed that the estimated revenue of the global music industry is about $53.77 billion, and this number is expected to increase by 2023. In this article below, we will share some details, explaining the music industry’s current status and what the future holds.
On-demand online music streaming platforms
With the launch of on-demand music streaming applications and websites worldwide, there has been a huge impact on digital downloads and physical music albums. People now prefer to listen to music online rather than download them. The main reason that led to the popularity and growth of the music streaming platforms is the need to repeatedly download the songs and other music albums with storage devices.
The process is quite cumbersome, especially for busy people; the online music platforms seem to offer a better solution. Music streaming is one of the most in-demand trends, and presently it accounts for 80% of U.S. recorded music revenues. Twitch, Facebook, and YouTube actively use online streaming platforms like Streamlabs. You can also add Streamlabs Spotify and stream music when you live stream video games.
Use of the internet in the music industry
Gone are the days when music lovers used to wait for music cassettes or CDs to be released in the market for song or album release. With the advent of the internet, people can now take a sigh of relief. Starting from downloading music and songs to listening to them online as on-demand services, there are many ways in which the internet is propelling the global industry towards a promising future.
If you study carefully, you will see how different online platforms have helped music companies to popularize their albums and gain more exposure by reaching a global audience. Moreover, nowadays, a song released in one part of the world can be heard in another in no time. Hence, the internet has helped the global music industry to get full-scale exposure.
Music-related intellectual properties
The intellectual property rights are applicable for the music industry, be it the composition copyright or the sound recording licenses. With these regulatory compliances being set in place, it has become possible for artists to seek protection for their music creations.
Music is copyrighted after it has been converted into a tangible form, like it’s recorded or written. It gets protected under the law once the work is registered with the U.S. Copyright Office. The Copyright generally gives the exclusive rights to the music creator, which lasts for 70 years after an author’s death. Once you have the exclusive rights, no other person will be able to create something similar legally. The three main factors that have boosted IP rights in the global music industry are licensing opportunities, dynamic market growth, and regulatory changes.
The global music industry was almost on the verge of becoming dormant a couple of years ago. However, with the coming of the internet and the launch of on-demand online music streaming platforms, it is now possible for artists and music recording studios to easily share their content with the global audience.