8 Music Business Trends Likely to Shape 2019
Sure, it’s not that easy to make predictions in the music industry. What’s trendy today might be obsolete a couple of weeks down the line. Even then, you can tell what’s likely to happen in 2019 based on the events of last year. Here’s a look at how the music business scene will turn out in the next nine months or so.
Apple Music Will Almost Catch up with Spotify
Indeed, Spotify still dominates the market when it comes to streaming. With a staggering 83 million paid subscribers, the service is without a doubt, number one. Still, Apple Music is gaining ground at 57 million. And, given the fact that Apple Music acquired most of its subscribers in 2018, it is logical to conclude that it’ll become a powerhouse to reckon with this year and in the future.
SoundCloud Will Make its Mark
SoundCloud is arguably the largest music and audio platform on the planet with more than 175 million users. In 2019, the service will seek to take cement its position by growing its subscriber base. The best part? You can be part of the revolution. The only thing left to do is market your SoundCloud account to get a better chance of attracting attention with your music and by extension, showcasing your work the massive audience on the network.
Smart Speaker Will Boost Amazon Music
Here is the thing – smart speakers are here to stay – irrespective of what you feel about them. And guess what? Their market will expand further in 2019. Of course, the biggest beneficiary will be Amazon Music. Why? Well, because the trend has a direct impact on Amazon Music, especially after the impressive Echo sales and an improvement of Prime signups.
Charts Will Become Irrelevant (Okay, More and More Meaningless)
When was the last time you checked the charts to see which song is on top? Make no mistake about it – Billboard was an integral part of the music industry for the last five decades. Its charts and numbers were the bibles for producers, labels, and artists everywhere. The trend is slowly but surely coming to an end as 2019 takes shape. We will witness the growth of streaming services as the markets shun the charts.
Major Labels Will Cease to Dominate
The days of SONY music or Universal Music Group are quickly coming to a close. Now, upcoming musicians are likely to avoid a major label and work independently. That way, they can reap the benefits of their craft without operating under anyone. In other words, boutique and Indie labels will continue to thrive in 2019, both in numbers and revenue as artists opt for DIY.
Streaming Services Will Not Make as Much Money
Sure, streaming services are one of the best things to happen in the music industry. However, their profitability is dwindling due to the presence of label licensing deals. The only way streaming can remain profitable is by major providers consolidating to strengthen their presence and influence.
Article 13 Will Cause Chaos for YouTubers
There will be significant interruption with how things happen on YouTube. The passage of European Union Article 13 means that platforms will have to take more responsibility for the files their users upload. The ripple effect is that YouTube will purge many videos, forcing labels and artists to take a hit on revenue.
New Faces Will Dominate the Industry
The legends of the 60s, 70s, and 80s are exiting the music industry as the new crop of superstars takes the reign. And, one thing the new faces are proving is that they can also fill stadiums like their counterparts of the yesteryears. Not to worry though – the live portion the industry will remain intact despite high ticket prices and the so-called price gouging.
Change is inevitable, and the same applies to the music industry. As an artist, producer or record label owner, it is essential that you keep up with what happening. That way, you can remain relevant and make money. Don’t be afraid to start something new as well. Remember, the music sector and everything that comes with it relies on creativity.
One more thing – the use of social media by artists to promote their work will decline. Really? Yes! See, these days, the only way to generate significant engagement on most platforms is via paid promotion. In essence, this implies that many musicians will drop off because of the cost. While things are a bit different on Instagram right now, it is only a matter of time before it shifts its focus to revenue than users.