The music industry has always been dynamic, and the digital revolution is almost complete.
With a small management team and a social account, artists can create and drop albums quicker than ever before, reach international audiences in record times, and climb the ranks of the company.
Let’s look at some recent trends in music and see what the future holds for this exciting industry.
Record labels are changing their identity
While some claim the end of the record label is certain, it’s better to say these companies are adapting their business models to stay relevant. This has been true for decades.
Streaming is the current status quo. Record sales have been translated into total streams across platforms such as Spotify, Apple Music, YouTube and TikTok.
Music managers who are skilled in managing clients will be able guide them through the changing music industry and negotiate with labels to ensure protections and royalties.
The post-Album Environment
Although there’s still a market to the old album format, we are seeing a clear shift away from the long play structure that used to be the best way for artists to make a statement.
Now, rappers, DJs and pop stars as well as rock bands, are releasing singles one at a while, which keeps their fanbases happy throughout the year, and allows them to maintain a strict touring schedule.
This quick-hit format is better for artists, managers, and audiences. Will the album survive? Although it will always be a part of our hearts, we might see it slowly disappear.
Alternative income streams for artists
Many music purists ignore the business side of the equation. But the truth is that artists must find new ways to market their work if they are to have a long-lasting career. Opportunities are all around, music is just one piece of the puzzle.
This means that you need to pursue new opportunities, collabs and social media business opportunities that might not have been available a few years ago. If artists are able to position themselves and make the right connections, big money can flow on Instagram, Facebook and Soundcloud.
While stream sales and touring won’t go away, influencer marketing will rise to new heights in 2020. Clicks and likes are the currency, but it’s all about creating that addictive personality that keeps fans hooked.
While wild looks can play a part, the ultimate goal is great music.
While some musicians might have an instinct for business, young artists should seek out the guidance of a seasoned music manager to keep them on the right track.
Crossover between Genres & Mediums
Artists of all kinds embrace the entrepreneurial spirit, and test the waters in various industries with music at their core.
Music managers also advise a wider variety of clients, based on their unique skills and business acumen rather than focusing on one genre of entertainment.
Mark Gillespie is a 21st century pioneer in the entertainment industry. He is known for his ability to manage musical artists and connect them with new media opportunities, such as film, fashion and technology.
His company Three six zero worked with Frank Ocean, Mark Ronson and Travis Scott as well as other top artists who used music to launch their businesses.
It is clear that the boundaries between art, music and movies have been broken. Visionaries who are able to capitalize on this opportunity to explore new territories will be able to take advantage of the opportunities.
