The Music Industry of the Future, Essay Example

The future of the music industry is uncertain because the music industry has not experienced many changes since its inception. However, with the recent trends in technology focused on modernizing the music industry, it is likely to develop significantly in the future. With the introduction of better means to access audiences such as social media, new policies regarding and their publishing companies, and the development of applications that artists can use to make more money, I am confident that the music industry’s economy will have more positive changes in fourteen years. The future of Music involves an industry where the musicians are financially secure, music publishers are working according to the artists’ preferences, and audiences have better access to Music and artists.

In the future, the music industry has made cryptocurrency a norm, meaning that artists have more power than their current state, where they have no access to all the money they make. Cryptocurrency is an upcoming technology that comprises blockchain and bitcoin, and it will increase the ability of musicians to sell their albums (Arcos 440). Cryptocurrency allows people to have more power over their money without the interference of government policies. Using the blockchain will also ensure that artists get their money in seconds because it only requires one to have a crypto address, and direct payments will be made. Cryptocurrencies have not become readily available because they are notoriously delicate, and a small interference can lead to losses of millions. More education is needed to get artists on the same page because its advantages outweigh the disadvantages. Therefore, the normalization of cryptocurrencies in the coming years will be instrumental in making artists more powerful. Currently, musicians wait long to get their royalties. It is a tiresome process that involves multiple bill-pay systems, software platforms, vendors, and paperwork. However, with cryptocurrency being the norm in 2035, they will not wait for multiple business days to access money.

In 2035, musicians earn more money because they are not limited by policies that favor music companies cutting a large percentage of money from songs and merchandising products such as hoodies and hats. This is because of the development of the Non-Tangible Token. For over two decades, new corporations in the music industry have found ways to use technology to reap the benefits artists should be making. For example, iTunes and Spotify sell Music to fans and earn from them when artists should be getting the money. Currently, musicians earn 12% of these companies’ profits from streaming their Music (Korver 53). This percentage may be enough for artists who make songs that generate many streams, but not for artists who make Music for smaller audiences. The non-tangible token works by recording information that cannot be altered but can be transferred. Musicians will use this technology to create signatures and virtual money that corporations cannot access.

The year 2035 is also a period where artists no longer spend funds to plan for tours because of the ease that technology will create for them to interact with their fans. Before the COVID-19 pandemic, most artists earned money through tours as they marketed their Music. While tours create a lot of revenue, most musicians and bands have been forced to cancel. For example, the Airborne Toxic Event Band canceled over 55 tours, leading to many monetary losses. On the brighter side, the COVID-19 pandemic has made musicians start streaming their Music virtually on social media. In fourteen years, I imagine that the streaming of Music will be giving musicians more recognition compared to having tours or marketing companies because of the constantly increasing number of people using social media. Musicians will be able to create and grow their brands individually, ensuring that they earn all the money that they work for.

Fourteen years later, music companies are working for artists and not the other way round. Music publishers tend to control the market because they have the support of congress on some rights, such as the collection of fees whenever performances with their copyright were done in public. This is manipulative and unfair to the artist because they do all the work, but publishing companies take the credit. With musicians utilizing technology to market their Music, 2035 is when publishing companies will be approaching them to request marketing services. This will be fair for musicians because they will be earning a higher percentage for their talent. Therefore, the record label model will be relying on the artist as the decision-maker of what part of the business they want to be marketed.

Concerning access to Music in fourteen years, the listener has more and better access to Music because the artists are earning more money, thus lowering the cost of Music and how much they charge to interact with their fans. In fourteen years, people no longer have to download or stream Music due to technological development. The COVID-19 pandemic has led to more imagination for artists to reach their audiences, such as having their Music played in stores or parks because concerts were canceled. In this hypothetical future, the music industry will have advanced machinery such as virtual reality, where one can watch a concert in the comfort of their home. Instead of simply downloading one version of a song, one will have the option of accessing it in the form of a concert or behind-the-scenes version. Regardless of the methods of access, I imagine that Music will be cheaper.

Many people look up to musicians as their role models. In fourteen years, technology has fully perfected the use of platforms such as Zoom meetings where musicians can connect with their fans, sing to them and answer questions that the fans may have. Instead of waiting to see an artist perform live on YouTube, fans will have direct access to musicians. In addition to enhancing more connections with their fans, it will be an effective way of marketing for Music because the artists will perform a part of their song or inform their audience what their song is about, which will make them eager to acquire it. Therefore, 2035 has a more sophisticated music industry where fans will be able to talk face to face with musicians from any part of the world.

In this hypothetical future, there are no limitations to musicians traveling with their equipment. International concerts are a significant source of income for countries, artists, and the policies that prohibit them from traveling with their music equipment will have been removed. Since artists will be earning better and thus bringing revenue to their countries instead of individual publishing companies, the government will show them more support and allow them to travel with the necessary equipment.

In summary, 2035 is a time where artists benefit from their talents. The music industry is currently unfair to artists because it uses their Music to earn money for companies instead of the artists. However, the development of technology, cryptocurrencies, and non-tangible tokens in the future will allow artists to earn the way they deserve, leaving them to decide how publishing companies will promote their Music. Technology will also promote more access to Music through virtual reality and face-to-face interactions.

Works Cited

Arcos, Luis Claudio. “The blockchain technology on the music industry.” Brazilian Journal of Operations & Production Management 15.3 (2018): 439-443.

Korver, Jessica. Facing the Music: The current state of streaming services in the music industry. Diss. Florida Southern College. ( 2019): 43-68