The internet changed the world and shook up many established industries, none more so than the music business.
The whole way in which music has been recorded, marketed and consumed has changed. From Napster to the launch of the iPod, MySpace, Soundcloud and more recently Spotify, the empire of the music industry has been built on ever-shifting sands. And anyone who expects it to settle may be in for a big surprise.
The decline of MySpace sent a whole generation connected by music scattering across the web to various platforms and the challenge of luring them all back to one place has been a tough one. Soundcloud’s developers thought they had stumbled on the answer but they struggled to establish a niche and soon found themselves trying to compete with the likes of Spotify, at great cost.
Spotify has become the go-to music source for many but is still little more than a method of consumption, and it does not fulfill the community aspect. Music remains relatively separated from social media at a time when they are crying out to be reunited in a new and exciting way.
What shape the next music phenomenon will take is still not clear, but it will likely be even more mobile-focused, involve new tech such as augmented or virtual reality and be community-based.
The music strategists will be keeping an eye on other sectors such as the gaming industry who are at the forefront of new technology and customer acquisition. The marketing technique of offering free trials and sign up offers is one is common amongst these companies and has also been adopted by companies such as Spotify.
[Online casinos often offer free bets, matched deposits or free spins to lure players to their sites. And these companies have proved to be adept at identifying and pouncing on new trends.]
Tomorrow’s music start-ups face the dilemma of merging a world that is drifting back to older formats such as vinyl and tape while keeping hooked into new technology and fulfilling ever-changing social demands. Whoever can take these problems and find the most effective solution will command the immediate future of music.