The Music Industry Is Technology Driven Sure, it all comes down to the music first, but of all the different areas of the entertainment business, music is the first (besides the porn industry, of course) to jump on something new and adapt it to its needs. This is historically true going back more than a 100 years, and still true today. Let's look at just a couple of technologies that we'll see more of next year.
1. VR for live events. If you can't be there in person, the next best thing is to virtually be there in the comfort of your home or apartment. Venues big and small are experimenting with this now, and look for an increase in adoption next year.
2. Wearable tech as tickets. Both Radiohead and Taylor Swift began the trend with radio-controlled wristbands, but we may soon see some sort of wearable tech that completely replaces the paper ticket. Thanks to beacon and RFID technology, it's easier to implement than you think.
Evolving Music Distribution 3. Streaming finally takes off. We saw a big jump in streaming revenues worldwide this year (over 112% in the US alone!), and that's going to increase even more next year as more and more people begin to pay for their music. Big question - how much will trickle down to artists and songwriters?
4. Look for consolidation. It's starting to look bad for Pandora and SoundCloud, so don't be surprised if they no longer exist by the end of next year. Deezer and Tidal as well. That will leave us with Spotify, Apple, Amazon and Google as the major music distributors.
5. But Spotify could be on shaky ground. Yes, it has the most paying subscribers, but doesn't have deep pockets compared to the competition, has lots of anxious investors, and hasn't made a dime of profit yet. If its IPO doesn't go well next year, don't be surprised if one of the remaining 3 make a play to acquire it.
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