Streaming music has become part of our daily lives– taking the bus to work, going for a walk, or sitting on a couch during 15 minutes break. But have you ever thought how all these streaming services have changed and made its mark on the music industry?
Music streaming has made an impact on the listeners and has reformed how people expend music. However, how has streaming impacted the music industry and the artists we have all become so attached to?
Here are the five different ways music streaming has changed the music industry and its artists:
- It’s never again focussed on new releases
Before, artists would do song release and would climb the music charts rather than becoming at number one. It would then go down the charts following a few days. It led to chart battles between music artists.
The innovation of music streaming services has encouraged individual artists, especially the beginning artists, to become more indulged with music. With plays, beginning artists can showcase their talent to a broader audience and get more chances to become famous without struggling too much.
- It’s harder for artists to make a profit like they used to
Some music artists who have been in the industry for a long time contended that music shouldn’t be free as it devalues the industry.
The payment system of streaming services is quite complicated. Artists do get paid by streaming platforms; however, it’s not as direct as payment was before.
There are loads of factors that decide how much artists are paid per stream. For instance, the amount they are paid is subject to:
-The audience’s country and location
-If the audience is on a free or membership/subscription account
-The particular artist’s royalty rate
-The pricing and currency in different regions
- It has made the music industry grow and develop
The fact that around 70% of a streaming platform’s earnings go to rights holders — record labels, distributors, and publishers– streaming services have produced a lot of profit for the music industry.
- It’s never again about free and easy access
If anything is accessible, easy, and available for free, its apparent value drops. It is the reason why streaming services are urging the audience to join their membership or subscription deals. Next is to get artists to sign exclusive deals with explicit streaming platforms.
- It introduced music subscription/membership deals
Music fans were believed to be hard to lure. In any case, it appears that after the launch of various subscription-based video streaming services, music fans assumed subscriptions for streaming music is next.
Since the quantity of paid memberships to streaming services is up in the millions, with that number expected to become significantly more in the coming years, the music industry and investors couldn’t be more joyful! Added to that, more prominent volumes of endorsers accompanies lower costs and more deal bargains.