With the rate at which things are rapidly transforming in the music industry, we can look forward to seeing some amazing trends in the next ten years. Streaming, terrestrial radio marginalization, the rise of cloud-based marginalization and the emergence of new channels for distribution such as the social media are just but a few examples of the drivers of change in the music industry.
But are these the only things we’ll be seeing in the future? Well, there are many others. Here are the trends we should be prepared to watch in the next decade:
#1: Music CDs Will Be Collectible Relics
In the next decade, CDs will become obsolete because of the increasing consumption of digital music. In fact, sales are already going down at the moment implying the whole process might even take less than a decade. Music streaming is the major game changer and is displacing CDs and other old technologies day in day out.
#2: Social Media Will Be a Major Distribution Channel
Social media sites are continually looking for ways of increasing user engagement. As a result, we’ll soon see videos and other music stuff being distributed largely through the social media. At the moment, Facebook and Twitter are the major distribution channels for news. In fact, people browse these sites nowadays for news. With this trend, new musical hits will also in the next decade be distributed through the social media.
#3: Real Time Personalization Will Increase
Due to the evolving tastes of music consumers, real-time personalization will in the next decade thrive in the music industry. Machine learning algorithms together with artificial intelligence are already bringing the much-needed change. to meet the ever-changing tastes of consumers, real-time personalization will no doubt take over the music industry.
#4: Physical Sale of Music Products Will No Longer Exist
Digital music is what everyone wants nowadays. Unlike a few years ago when people had to visit music stores to buy new music stuff, one no longer needs to do so. What’s required nowadays is the internet, and one will be ready to get digital music hassle free. Since this is an already popular option, there will be no purchase or sale of music products physically like it has been for years.
#5: Terrestrial Radio Will Still Be a Distribution Channel
Many people think that radio will at one time be wiped out! While we acknowledge that streaming is gaining popularity, the fact remains that radio won’t go anywhere anytime soon. It will still be a distribution channel in the next decade. Though people use streaming and other means, they still listen to radio and love it.
Many other things will be happening in the music industry in the next decade. Technology is no doubt doing amazing things we’ve never seen in the past. If you’ve been anticipating or looking forward to changing, then you now have a picture of what the industry will look like in the future. It will, indeed, be quite different from what we see at the moment.