As I’ve previously discussed in my blogs, the music industry is in a constant state of change, with new trends and developments always on the horizon. Based on my research and analysis, here are some anticipated trends in the music industry for 2024.
Shifting Roles
Adaptability has always been a crucial trait in the music industry, particularly for artists. They must be ready to adjust to rapidly changing trends, thanks to the influence of social media. In addition to their musical talents, artists now need to focus on generating revenue, fostering creativity, engaging with fans, and building strong relationships with their audiences. The landscape has been transformed by social media and streaming platforms, demanding a shift in the way artists approach their careers. Curated content creation has taken center stage, with a large audience being a vital component of success. However, merely having a sizable following isn’t sufficient. What truly matters is maintaining and growing that audience through meaningful relationships and compelling content. Being highly skilled in one’s craft is no longer enough to achieve fame in today’s music industry. Artists must also take on the role of influencers, in addition to their musical abilities, to attain success (Eightify, 2023).
Social Media Impact
TikTok plays a significant role in this transformation. The platform has led to a daily influx of content, and its algorithm has forced artists to create content based on views, likes, and trending topics. Being an incredibly talented musician alone will not make you more famous than a less talented artist who understands social media algorithms. Those who adapt to social media algorithms and create content accordingly are more likely to gain recognition. This shift is reshaping the industry’s landscape and altering the definition of talent, making it more closely tied to social media prowess. As a result, the types of music and artists trending in the industry are evolving. I went deeper into the definition of talent in my recent blog post, “What is Talent,” but the main takeaway is the effect social media has had on the creation of music and content.
It does not stop there. Social media is also changing the business side of the music industry. One notable trend I have began to see is the increased demand for social media and digital marketers in labels and companies, reflecting the profound impact of social media on the music industry. In recent years, labels have had to adjust to these changes and are actively seeking young professionals skilled in social media and digital marketing. This is a positive development, as it opens up more job opportunities for young professionals proficient in social media.
Streaming
The issue of streaming and revenue is a significant concern. In the past, revenue and royalties were primarily based on the sale and distribution of CDs and records. However, the rise of streaming platforms, particularly for independent artists on Spotify, has shifted the monetization of the music industry. While successful artists can generate a steady income from Spotify earnings, it’s more challenging for those who are less successful. The music industry’s limited interest in smaller artists means that independent musicians must put in extra effort to advance their careers (Eightify, 2023).
Conclusion
In summary, the music industry is undergoing ongoing changes, as it always does. It remains one of the most nontraditional business models, which is what makes it so exhilarating. I am sure 10 years from now there will be a new driving force that completely transforms the industry again! These predictions and trends are based on current research and developments, and they are likely to continue shaping the industry in 2024. We’ll have to wait and see what the upcoming year brings!
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Resources
Eightify. (2023, June 25). The future of the music industry in 2024: Get ready! https://eightify.app/summary/music-production/the-future-of-the-music-industry-in-2024-get-ready
