More Innovations That Will Change The Music Industry In 2017

2016 was eventful for the music industry because of the first signs of growth was seen ever since it was ravaged by the internet for one and a half decades. During the middle of the year, labels saw their revenue growing by 8.1% compared to the same period in 2015. An overwhelming number of subscribers flocked to services like Spotify with its 40 million subscribers and Apple Music with its 20 million subscribers.

In the early part of 2016, it officially became known that music streaming was the industry’s biggest source of income in 2015. Streaming revenue grew by 57% for the first half of 2016 while revenues from downloads and physical album sales declined by 14% and 17% respectively. All signs point to a continued growth of music streaming which is welcome news for record executives because artists and streaming platforms will remain to be seen.

On the other hand, big changes have occurred in the streaming landscape with Amazon and SoundCloud launched as Spotify competitors. Apple has improved its existing service with a new interface. Pandora will be introducing its premium subscription service in the first quarter of 2017. New subscription services were also launched with Tidal, Apple Music and YouTube Red.

In spite of the growing number of competitors, Spotify continued with its dominance of the industry. Spotify increased its listenership and flexed its play listing power with more in-house monitoring and data-powered personal playlists that include Discover Weekly, Release Radar and Your Daily Mix.

Despite the increasing revenue, the music industry still found plenty of reasons to complain. Their prime target is YouTube along with Spotify’s free tier that is supposedly creating a value gap for the industry. Ad-supported services no longer make as much money as music subscriptions. Vinyl sales generate more revenue than ad-supported streaming like YouTube, Spotify’s free tier and SoundCloud.

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