A little over two decades ago if someone wanted to connect to the internet they had to plug out their telephone, insert the cable into their computers, and wait for several minutes for a skeletal-looking website to load on the browser.
Similarly, around the same time, no one could even imagine using a high-performance computer that fits into the palm of their hand to video call their friends and family living thousands of miles away. Yet the shockingly rapid advancements in technology have managed to bring about these radical changes within the span of our lifetimes.
And our lives are far from over, recent advancements in AI technology have made the future of tech even more exciting and uncertain. Who knows what new magical changes these self-thinking robots will bring into our lives, it almost seems impossible to even imagine.
Much like every other aspect of human life, these rapid advancements in technology have managed to completely revolutionize the music industry. Technology has managed completely disrupt and radically changed our music is produced, disseminated, marketed, and consumed.
Musicians who fail to keep up with the disruptive upheavals brought on by technology will almost certainly become obsolete soon. If you are one of these tech dinosaurs, pay very close attention to this write-up.
But before we jump onto a discussion about modern trends in the music industry, it is important to highlight an important pre-requisite. The modern music industry is very reliant on fast-paced broadband connectivity. You cannot even hope to keep up with budding artists of the future if you are using redundant broadband technology.
Before doing anything else, take out the time to upgrade your internet connection. Reliable internet service providers (ISPs) like Spectrum provide download speeds of up to hundreds of Mbps at very cheap prices. In addition to its high speeds Spectrum’s Availability and reliability are unrivaled in the U.S. market. So, without wasting time, make the shift right now.
Now, unto the future of the music industry.
1.) LEVERAGING ARTIFICIAL INTELLIGENCE TO REPLACE EXPENSIVE EQUIPMENT
Not a very long time ago, if someone wanted to produce good quality music they needed access to fairly expensive studio spaces and equipment. It was almost impossible to produce music without having things like soundproofed rooms, specialized mics, bulky audio mixing equipment, and much more.
Today, extremely effective software supported by AI technology can help you perform all these tasks through your laptop alone. From auto-tune to background noise cancellation to even very complex audio mixing, there is a tool for everything. You just need to be aware of the software you have to deploy and you can end up saving huge chunks of cash.
2.) BREAKING DOWN BARRIERS TO ENTRY USING ADVANCED AUDIO SOFTWARE
Another important change these new AI-supported tools are bringing about in the music industry is that they have allowed a vast number of everyday folks to produce their own creative music. In other words, AI has led to the mass creation of music.
Now, you do not need top-notch vocals or an innate talent for musical instruments to be an artist, all you need is passion and the time to follow that passion. Modern technology will automatically improve the minor faults in your audio. So, everyone can be a musician now.
3.) ONLINE MONETIZATION AND THE RISE OF INDEPENDENT MUSIC
Gone are the days when musicians had to abide by the whims of labels, production houses, and distributors because artists were over-reliant on these middlemen for the dissemination of their music and for earning money.
Today, you can just create a channel on YouTube, Vimeo, or even Tik Tok and launch your own brand. If your music is good enough to garner eyeballs or ear drums, these platforms will pay money directly into your account. These platforms have been a godsend for independent musicians, who can now produce any music they want to and put it out in front of mass audiences without having to abide by anyone’s dictates.
Another important model is the rise of platforms like Spotify which pay out a royalty to the artists they feature. Again, the musician can create what they want and expect to earn a hefty commission on cash their music brings in.
In short, the record label is dead and we could not be happier.
4.) TARGETTED ADVERTISEMENTS AND THE RISE OF NICHE GENRES
In older times musicians and their distributors had to virtually waste wards of cash on billboards, posters, electronic media, and other forms of mass advertisement to get the word out about their new albums.
Targeted advertisements offered by modern social media platforms have led to a complete overhaul of this process. Now musicians only have to pay money to market to audiences who are most likely to get hooked on the type of music they are producing.
Moreover, modern platforms like Spotify, YouTube, and Tik Tok have AI-supported algorithms that make very niche suggestions to listeners. This means that music lovers get suggestions based on the type of music they most enjoy.
These targeted adverts and suggestions have given rise to niche-based market segments, which in a way is very healthy for musicians who prefer loyal audiences over mass audiences.
5.) ARTS AS A TRADEABLE ASSET IN THE AGE OF NON-FUNGIBLE TOKENS
For those of you who don’t know, Non-Fungible Tokens or NFTs are basically pieces of visual art that investors can speculate on and trade.
The value of NFTs is very abstract and is decided primarily by investor interest. And even though traditionally NFTs were limited to visual art, in recent times investors have started taking an interest in music-based NFTs. This is extremely good news for artists who can hope to become literal millionaires overnight if their copyrighted music catches the eye of the right venture capitalists.
Technology has completely transformed the music industry, completely changing the way music is produced, consumed, and distributed. Musicians no matter how talented they are, who fail to keep up with modern trends will lose out big in the near future.
So, if you are an artist struggling with tech we suggest you pay attention to the five markers mentioned in this write-up and strategize accordingly.