Posted on July 4, 2020
MusicPromoToday on Music Industry’s Next Growth Drivers
Research shows that COVID-19 has completely changed the music industry to a more virtual and engaging world.
Unknown as to when we will resume back to our normal lives with a second wave already here, producers, writers, DJS, bands and solo artists have had to adapt to a new life, trying to maneuver and navigate what it’s like to be an artist while the novel Coronavirus in town. Check out these top five next growth drivers MusicPromoToday has collected for you in order to boost your career during these crucial days!
According to MusicIndustryBlog, the first one on the list is contextual experiences. During the lockdown, almost everyone has way too much freetime on their hands. Apps associated with mindfulness / meditation and fitness training have skyrocketed out of the roof. Society has become even more of a consuming culture so this is when artists should take advantage. Music has the ability to provide streaming services and display various soundtracks to these fitness activities and contextual playlists (chill, study, workout). But it is of course far better for the context itself to deliver the music. Partnering up with such accounts will be a bonus to your career.
Next on the list is creator tools. Music isn’t just for singers. There are various and diverse aspects of music that allows creators to produce, collaborate, report, master, and market. The majority of independent artists tend to spend much more on creator tools than they will ever earn from their music. The revenue opportunity is clear, but there is more to it than that. After this process, they will seek labels and record companies, the creator tools itself can be enabled through an online SAAS tool which is the hottest one on the market.
Following creator tools are virtual events. This includes live streaming, listening sessions, avatar performances as a major income stream. Although it may be necessary, you don’t need much of a commercial structure because live streams are free and ever growing. Check out our latest blogpost on live streaming if you’re interested in learning more. Virtual events have truly saved the industry during these days.
Fourth up is your fandom: Allow yourself to engage with your fans whether it’s with virtual merch, artist badges, premium chat, artist avatars—there are so many opportunities here waiting to be tapped. Your fans miss you just as much as you miss them so make sure you include them in behind the scenes and show them footage you most likely wouldn’t have shared during regular days.
Lastly, social music is key and the biggest extension of your fandom. The majority of musical content is epicentered around social activity on Instagram, Facebook, Snapchat and TikTok. TikTok is clearly very hot right now! Read MusicPromoToday’s article about the tips and tricks on how to get viral on TikTok for a more detailed explanation. The momentum for TikTok is huge right now and it’s the next biggest social media platform with a growing audience of all ages. The more time you actually spend on social media communicating, “selling” your brand, the higher the return and rest-assured -> engagement levels will spike in no time!
We hope this information has given you some insight about how beneficial these growth drivers can be for you!
If you have any questions or would like to hear more about the benefits of live streaming, you can drop us a message on our Contact page and we will reply to you in less than 24 hours!
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