Accessing music has become more convenient than ever before, and the music industry has not only been affected by this ease of accessibility but also by the impact of mobile music applications. These applications have been used for music streaming and converting casual listeners to premium subscribers, which is a great example of how technology can drive monetization.
The revolution of music streaming applications results from the drastic impact of mobile apps on the global economy, as seen in various reports and studies. With users spending more than two hours a day on apps, it’s clear that apps are now key drivers for various industries – from news updates to sports updates to food delivery to music and everything in between.
The Impact of Music Streaming Applications on the Music Industry
Whether you like it or not, music streaming apps have impacted the music industry in one way or another. The services offered by platforms such as Apple Music and Spotify are gaining widespread popularity due to their affordability and convenience while simultaneously shifting the norms of music consumption and songwriting.
With that in mind, here’s how music streaming applications are revolutionizing and reshaping the music industry as we know it!
Increased Community Engagement
Around the globe, music acts as a unifying force between different communities, cultures, and regions. It has been blended into the fabric of society’s history and overall landscape. As technology advances, people’s love for music has made the music industry a huge and ever-expanding market that generates billions of dollars. In fact, half of this market is dominated by music-related applications. As a result, several international and local music streaming applications have emerged to capture a portion of this thriving and diverse industry.
Data is just one piece of the puzzle in the music app ecosystem, and leaders worldwide have been mindful of this fact. Global players either establish an entire team or rely on local advisors to create and implement a strategy for their business.
These global companies work with their advisors to receive guidance and on-the-ground support in key areas like community engagement and cultural immersion through partnering with local artists, incorporating an influence into their brand and product, facilitating corporate interactions, and building a strong PR narrative within the local community.
Sometimes, the advisor may also be responsible for product distribution, achieving monetization goals, and managing day-to-day business operations. This “global engagement” approach empowers global music streaming applications to successfully navigate the complexities of the diverse global market.
More Data Driven
The conventional music industry had to adjust to this new paradigm internationally and discovered that data was the key to its success. The extensive data produced by app usage enables artists and music companies to analyze customer profiles and provide them with the desired content. In fact, various enhancements stem from music app insights, such as what type of music is being played and the timing and location of listening. Such a thing results in extended user engagement and increased loyalty while meeting each niche group’s needs.
Major players in the music streaming industry, such as Amazon Music, Spotify, Apple Music, Google Music, and SoundCloud, utilize data analysis to focus on users’ demographics, individual music preferences, and artist interests to effectively target their audience. This kind of close bond between artists and their fans was previously unattainable.
Among the many positive impacts brought about by apps, one noteworthy change is the end of passive music listening. Nowadays, users actively engaging with music streaming applications demand a diverse music library and look for a highly personalized experience through recommendations and playlists. Music apps have opened up new business opportunities and completely transformed how platforms connect with their audience.
They have also democratized the music industry by making it easier for artists to record and distribute music. Additionally, apps offer several other advantages to the industry, such as creating deeper connections with listeners, increasing visibility, enhancing social media engagement, generating recurring revenue through subscriptions, and reducing costs.
Free Content Leading to More Collaborations
The competitiveness in the media and music world demands musicians to frequently release songs to stay ahead. To achieve this, some musicians choose to simplify and shorten the tracks, while others hire a producer, singer, and rapper to create different parts of the song.
For example, on the song “I’m the One,” Offset, DJ Khaled, Justin Bieber, Chance the Rapper, and Lil Wayne are all featured. Fans have also observed more writing credits. Cardi B’s “Invasion of Privacy” album with 13 tracks holds 104 writing credits, with its main single “Be Careful” having a significant 17 of these credits.
Streaming apps and free online music content has made this possible, allowing more writers, producers, and musicians to collaborate with each other. This is a win-win for both musicians and listeners alike!
Digitization Makes Songs More Unique
Before music streaming applications emerged, artists and record companies would attract audiences by targeting a particular demographic. In the present day, artists can appeal to a wider audience by creating content suited for a larger demographic.
Instead of releasing music limited to one genre, artists can create albums incorporating multiple genres. Lil Nas X’s “Old Town Road” is a notable example of an album featuring components of country, hip-hop, and R&B, and it has broken records.
Young Thug’s 2017 album, “Beautiful Thugger Girls,” is another example, with songs like “Family Don’t Matter,” which includes elements of blues and country music. In the future, such songs will likely be commonplace and won’t be viewed as “genre-bending.”
Turning the “Middle-Class” Musician into a “Rockstar”
Musicians have two primary options for earning money: touring and royalty sales. If one of these options becomes significantly less profitable than the other, tours become the only viable means of financial support.
While this can be good news for excellent live performers who will ultimately make more than they would have from royalties, some artists will struggle to reproduce their sound successfully outside of a computer-generated context. Nowadays, we are seeing the development of smaller communities around specific music genres that are big enough to sustain artists, both on SoundCloud and at music festivals.
For instance, Funk and electronic music festivals are frequent and lucrative enough to enable musicians to create and tour successfully. These “middle-class” musicians make a name for themselves through continued performances, hence their consistent presence on the live circuit. Emerging acts can benefit from these trends, while established artists such as Kanye West or Taylor Swift must tour more frequently or risk losing considerable revenue.
Top Music Streaming Applications Reshaping the Music Industry
The music industry has undergone significant changes due to the widespread adoption of streaming music services. These services have revolutionized how people listen to and purchase music and impacted how artists get paid for their work. Moreover, social media and other mobile technologies have given musicians direct access to fans, creating opportunities for deeper connections with their audiences.
The music streaming applications marketplace is poised to take advantage as the music industry adapts to these tech-driven changes. Currently, numerous apps are available for iPhone and Android users dedicated to music delivery and the music industry in general, helping facilitate interactions between fans and musicians. Below are seven particularly noteworthy apps that are reshaping the music industry today:
Tidal is a music streaming service that operates on a subscription basis. However, it differentiates itself from other services, such as SoundCloud, in various ways. This app is owned by Jay-Z and is renowned for providing exclusive access to new music from top-tier artists like Rihanna, Kanye West, and Jack White.
Tidal is also the first to offer High Fidelity sound quality and High Definition music videos. Users can enjoy handpicked playlists from their favorite musicians, including Jay-Z and Beyoncé. Moreover, Tidal claims to offer better compensation to its musicians than other competitors in the market for streaming services.
Musicians can use ReverbNation’s wide range of tools required to establish, promote, and flourish their music careers. With the ability to generate an artist profile, users can effectively share their songs, videos, and photos across various social media platforms. Additionally, the platform offers advanced tools such as professional electronic press kits and personalized websites.
Other benefits of the service include digital music distribution, direct-to-fan selling, online applications for national and regional opportunities, as well as a gig finder feature to locate thousands of venues to perform.
Managing the business aspects of their music career can be challenging for numerous artists. With this in mind, the founder of Artist Growth, a singer-songwriter, created an app that enables musicians to efficiently maintain their music business affairs.
The app’s functionality spans tracking finances, storing contracts and relevant documents, generating set lists, handling merchandise, coordinating schedules, and more. Alongside that, by opting into the ‘Accel’ feature, users can access a network of labels, management companies, agents, brands, and similarly interested industry professionals who can facilitate the discovery of new talent.
The newly developed application called “We Are One,” or WR1, allows artists to communicate directly with their fans via direct messaging or one-to-one video chat. Additionally, the app ensures that artists are properly compensated for their work, with musicians granted up to 95% of their earnings.
For instance, a musician with 5,000 followers on We Are One could potentially receive a payout of $100,000, equivalent to what they could earn from generating 1 billion views on YouTube.
The idea of Artist Union is something that every musician aspires to achieve. Just like how Usher found Justin Bieber on YouTube, Artist Union transforms how artists are discovered, making it more accessible.
The platform has an array of up-and-coming musicians and genres that even music enthusiasts will appreciate, with a whopping 800,000 individuals utilizing the site to discover new music.
SoundCloud’s music streaming service has gained immense popularity and caters to millions of monthly listeners globally. It is recognized for being a preferred platform among renowned musicians who endorse it to publicize their creations and initiate their careers.
The platform allows users to share their audio content through a unique URL or link across different social networks. Nevertheless, the application renders various exceptional features for artists and listeners.
For listeners, SoundCloud allows users to listen to tracks without having to create an account, which is perfect for those who want a quick preview before deciding to register. Additionally, listeners can follow their preferred artists directly on the platform to stay updated with their latest releases. Another noteworthy aspect is an option for listeners to leave comments on tracks, which creates a channel for providing feedback and facilitates real-time interaction between artists and fans.
For artists, SoundCloud offers the benefits of directly uploading work to the platform in top-notch sound quality files. This feature facilitates the seamless sharing of music with others without the hassle of intricate file transfers or conversions.
Furthermore, artists can enhance their presence on SoundCloud by modifying their page using images, bios, and links to other significant platforms such as Spotify or YouTube. This platform also provides a remarkable feature known as the “waveform,” which enables users to view specific sounds within a track at any point in time. As a result, it assists artists in identifying and correcting issues to produce professional-grade tracks seamlessly.
The expenses related to touring can pose a challenge for emerging and self-reliant musicians. However, GigFunder is the global crowdfunded tour platform that enables artists to generate the necessary funds by leveraging their current fan base.
Fans can initiate GigFunder campaigns by submitting requests for musicians or bands to perform in specific locations. This allows them to get more involved in determining which acts they want to see and provides performers with valuable knowledge on where their most devoted followers are concentrated.
All music streaming applications offer unique features that cater to music listeners and artists’ needs. These apps present an effortless approach to up-and-coming for sharing music online and help listeners stay updated with their favorite artists’ latest music. With such music apps, how we see music will never be the same! So, don’t miss out! Sign up with your favorite music streaming app now and uncover a whole new music experience today!
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships.Along with his work at MuzicSwipe, he also conducts in-depth interviews with prominent entrepreneurs on his weekly podcast “FULLSPEED.” Eric also dedicates himself to educational initiatives through the “Eric Dalius Foundation,” which provides four scholarships to US-based students. Keep track of Eric’s endeavors on Twitter, Facebook, LinkedIn,YouTube, Instagram, and Entrepreneur.com.