Yes, the best music platform. That’s exactly what we want to do. Music has been through many changes in the last 10 years. For artists and consumers, it’s not working the same way it used to before. Digital downloads and then music streaming changed the rules of the game. It is more difficult for an artist to make money out of only selling their music and people are not buying CD’s or downloading music as they did before because they can find it on free streaming services such as Pandora, Spotify or Youtube.
Selling CD’s used to be the most profitable part of the music business, but not anymore. Live shows have become a huge part of the business and people are paying more to see a live show than to listen to music on a regular basis. Although CD sales and the reviving Vinyl still make money for artists, streaming services are growing at a higher rate and seem to be the future. As David Bowie once said “streaming will be like water or electricity.” That means that we will pay for music as a monthly service such as electricity or water. The same way it works now for bars, retailers and restaurants. They have to pay a monthly fee in order to play music.
We don’t know if the future of music will be like this, but I believe artists deserve to get paid when we listen to their music. And that has been the biggest issue with streaming services such as Spotify or Soundcloud. Although they’ve been helping to reduce piracy numbers, they still don’t pay enough money to the artist. How can we change that? Well, it isn’t an easy task, and the US government has an important role on this decision. The US Copyright Royalty Board is still finding the way to regulate streaming services and create a structure that would benefit all parties involved. Meanwhile, artists are using different strategies to sell their music. Radiohead, Beyonce, Adele and Drake recently released their albums exclusively on Tidal and Apple Music.
This might be a good strategy on the first instance, but is it good on the long run? Is their music not reaching certain demographics? Time will tell, but the truth is that people are shifting the way they listen to music, and streaming is part of how music is consumed. Streaming collects detailed information that can be used by artists and record labels, something that was never done before and is questioning the role of A&R departments at record companies. Streaming services not only help artists and record labels make decisions on when and where to tour, but it also helps them to understand what are the demographics of their fans. Where do they come from, how old are they, what do they like.
This information can be used strategically to make decisions and generate more income for the artist. Streaming services are accurate on data and can predict the next big artist to come or what type of music are people from Germany or Japan listening to. Data is important for any business and the music industry should embrace it.
And you as a consumer, as a music fan, help companies and artist understand what your preferences are. When you listen to music, streaming services can analyze what you like and make recommendations tailored for you. What are you favorite apps and features when listening to music? We would like to make you part of this journey and take your comments into account to create the best platform for you to discover music. Sign up to our mailing list and leave us your thoughts!