TOP 5 ONLINE TRENDS AND THEIR IMPACT ON MUSIC INDUSTRY
The ever-increasing pressures of new-age technologies are spurring every industry into change, more or less rapidly and urgently — depending on the preferences of the consumers whose needs they are trying to meet. While some traditional industries will surely show more resistance to adopting new technologies, the field of entertainment — led by the music industry — really needs to embrace the full scale of the technological/digital boom that has taken the world of business by storm in the past couple of decades. Not embrace it begrudgingly like an imposed chore, but rather — much like a hyperactive child, with plenty of care and attention, caressing it and humming their favourite tune to it — try to reach common ground for future collaboration because this particular storm is showing no signs of waning. It can only grow more potent, if anything.
Old habits die hard, indeed. One does not easily succumb to changing the hairdo that has worked for him for the past 30 years; the same goes for those autopilot early morning routines, without which it’s a challenge to set the day’s matters in motion properly and without stress. So, it is to be expected that, for many, valve audio amplifiers, vinyl records and the crisp sound of garage rock will forever stay in their hearts, which doesn’t necessarily mean there is no room for numerous online choices around and that can only improve one’s experiences.
Given the frequent inquiries we’ve received from Serbian music artists regarding efficient promotion options for their products, and at the same time inspired by the recent panel discussion entitled Online ’n’ Rock ’n’ Roll in which one of the participants was our own Aleksandar Radukin, we’ve decided to put together a list of top five digital trends and their impacts — all in the arena of the music industry.
- VIDEO
The advancement of technology has also made it possible that anyone out there can record a video — the most easily and readily consumable piece of online content and one which only a few years ago was just too expensive to produce. The video did most definitely mark the year 2016, but is expected to continue to mark every next year as its content format becomes increasingly available to musicians and artists in general.
In a time when a very decent video can be made on an average mobile phone it is key for the music industry players to recognize the trend and try to stand out from the crowd with their creativity and find a way to monetize the endeavours. Naturally, hyper-production, an inevitable side effect of this Omni-availability and literally no cost attached, will always be one of the unfavourable circumstances and an added challenge for anyone aiming to rise above the ocean of mediocracy.
Trivia question: What was the first ever music video broadcast on MTV?Answer: Video Killed the Radio Star by The Buggles, released in 1980
2. YOUTUBE
In 2015 alone, YouTube generated $9Bn in revenue, standing unparalleled at the top among other online video platforms and is recording steeper business growth than its followers in the market. This is a key reason why music artists should focus not only on promoting their output, but also on generating profit.
Audience-ready video needs to be marketed and there’s no better way to do it than on YouTube. Also, it’s very unlikely there will be any significant shifts in this market for the foreseeable future. Millennials certainly opt for YouTube over conventional TV, which was previously long considered an undisputable leader in the video content service market. The same age group often picks its stars from the world of YouTubers.
What YouTube has brought about is an opportunity for any anonymous person to gain quite a bit of fame — one formerly associated solely to television appearances. Also, acquiring a fan base of YouTube followers has enabled a more intimate and direct contact with the audience, create one’s own community where fans are incited to return to the channel of content, repeatedly share it and even take part in its creation.
One question arises: should music performers look up to YouTubers and, by creating short-form, episode-size content that appeals and engages, build a closer relationship with their crowd that can further down the road pour out of the confines of the digital framework?
3. LIVE STREAMING
What we can expect the future to bring is more experimentation with streaming platforms, as well as streaming from multiple platforms at the same time. Some research suggests live content generates two to three times more audience and engagement than pre-recorded video content. Facebook and YouTube enable a fully interactive experience to stream consumers in the shape of live comments and reactions, which allows the audience to feel they are in a more direct contact with both the people in the video and others interacting with the live stream. All of this creates a uniquely different atmosphere from the one that happens while watching regular videos.
One of the ways artists can utilise this video option is for broadcasting their performances live, thus increasing the number of people watching it. Create themselves an “extended” audience. Apart from those attending the show in person, there will be an even greater number of those who will be able to watch it live online from the comforts of their homes. Finally, once the live stream has finished, it can be saved and reused, which is another plus.
4. ANTI-SOCIAL
Or more specifically: Is Anti-Social the new Social? Will technology enable people to fully enjoy the performances of their favourite bands without ever leaving the aforementioned comfort zone? Will people stop going to concerts since it’s all readily available for them on the screen of their PC, tablet or smart phone?
What is the point of obsessing over social network metrics and gaining insight into the numbers of views, likes or shares if at the end of the day you sell seven concert tickets, out of which five people turn up, and out of the five you personally know two of them? The extended, online audience often never leave the medium, which leads to the conclusion that through video and streaming performers are actually not marketing their music, but rather themselves.
5. VINYL, MERCH
Nostalgia (from Greek for “past”, “homecoming” and “ache”) is one feeling no one is immune to. You can feel it towards other people, places, objects, literally anything surrounding us. Science has proven that we tend to idealise the object of nostalgia through our reminiscence — even when that someone or something had a negative effect on us early on.
We can get particularly nostalgic in times of big change, such as the digital revolution, industrial revolution, even the invention of the wheel (the jury is still out on the public-splitting debate on the effects of vaccines.)
When nostalgia sets in, what is old acquires new value, especially if the object is something that has only been made obsolete in a technological sense, but can still be deemed useful and beautiful nonetheless. We are witnessing a revival of the vinyl LP record as a sound medium, with the sellers of the quaint object now ironically making the most of the marriage between latest online sales engines and their decades-old prized possessions. The vinyl is not a product associated only to top artists of the music industry, they may even be more useful to upcoming musicians, whose fans would look to support them by purchasing old-school hardcopies of their releases.
Currently the agency is involved in the redesign of another nostalgic habit: nicotine consumption, more to come on this topic.
TO WRAP IT UP…
While preparing for the panel discussion and brainstorming on the panel’s topic of online aspects of the music industry, we asked the question which of the above conclusions and tendencies are specifically applicable to rock ’n’ roll music. The conclusion was that there really no industry-specific aspects and that the internet is a level playing field for all, with no head starts for anyone. There is no favouritism, unlike the mainstream media. The fair starting position is empowering, but what then remains is that every artist needs to come up with original content and marketing strategy for social networks.
ONE FINAL THING FOR THE ROAD…
How does an up-and-coming artist pull all this off? How can these trends aid an unaccomplished musician in her attempt to present her work to the right target group? The video platform, not necessarily only intended as a music video, in all its shapes and forms that the artist believes suits their sensibility, is the best way to start.
For example: while one musician will opt to announce his upcoming show on paper posters put up on walls, tree trunks and bus stop enclosures, another will do an eye-catching video, share it online, inviting and motivating concert-goers to attend. They will showcase the video on YouTube to their fan base, who will, in turn, spread the word among their connections. Those fans who are unable to attend will still be notified that they can follow the show live on the YouTube channel. You may be wondering: where’s the sense in streaming the show live to the people who are too inert to come to the show and would rather watch it from home as if it were a lunchtime TV quiz show? Well, that very experience may end up persuading them to attend the next concert without fail. Even bring a friend. This is when the snowball starts to roll.
Homepage agency team