How will we listen to music in 2020?
The future of the music industry has been painted in many ways by many people, some see it as a utopia of levies and “the cloud” and sharing and some see the industry barely existing. The uncertainty leaves many nervous about the future, so the panel “How Will We Listen to Music in 2020?” brought in experts from 3 different areas of the industry to discuss the issues and possibilities. The experts presented their thought on the future of the music industry, for example forecasting that all significant music consumption will come from online and will be streaming in 2020.
The way we consume and participate with music may change dramatically but with music being more social, that’s definitely a positive. Many areas still need improvement and transitioning into digital but many music start-ups are starting to gain presence and popularity in the mainstream and that will provide many opportunities for the industry.
The Ongoing Devaluation of Music
With the constant onslaught of new digital music retail and consumption habits, it is obvious that the value of recorded music is under constant pressure. Free streaming services, it might be argued, have potentially pushed the devaluation faster than would otherwise have occurred. However, on the flip side, it could also be argued that these same streaming music services have helped to stem online piracy. Going one step further, it could also be argued that streaming music services are catering to the consumption requirements of music fans.
Technology – Will the Internet Kill Traditional Car Radio?
“Many people are already accustomed to plugging an iPod into the car to listen to their library of Chet Baker or Arcade Fire tracks rather than CDs. But now there is a new movement that could really threaten traditional broadcast radio: Internet music services like Pandora, Slacker and Last.fm, already popular with computer and smartphone owners, are being tailored by software developers, consumer electronics companies and even automakers to work more seamlessly with car stereo systems. So, while video didn’t end up killing the radio star, this time the Internet might just succeed.”
What is the future of music online?
For years, the music industry has, in the words of Bonnie Tyler, been holding out for a hero.
For the industry, this hero must come up with an idea that is great enough to tempt fans away from illegal file-sharing sites, while simultaneously making money for artists, songwriters and record labels.
Spotify and We7, the music streaming services funded by adverts and subscriptions, have come closest so far.