How we listen to music has evolved over the years due to advancements in technology. The size of music players have decreased in size and increased in sound quality. What is coming next? We have already begun to integrate wireless music systems into our homes and cars. Music players are dissappearing into thin air and will continue to become more convenient to those who can afford the newest luxuries.
The rapidly evolving online market space is influencing the way artists and recording companies market, distribute, and sell their music. In order to stay relevant, the business model is going to keep changing at a rapid rate along with the new technologies in order to provide consumers with an overall experience. Concerts are the ultimate experience of listing to music since it is live, but it is also the most expensive. The online music market now allows for the average consumer to stream concerts live online. The industry is no longer selling a physical disc, but rather a service. They are selling an experience. In order for a business model to succeed, the industry needs to find some “pull” and tend to customers needs. By pull I am highlighting the importance of paying attention to what customers value and draw them in versus pushing or forcing the direction in which the model “should” move. It is important to see what is popular but even more importantly, what is missing and could improve the current model. As technology advances, expectations of consumers increase. Companies are trying to stay relevant and meet these expectations by moving their marketing landscape online.
Thanks to the many advancements in music technology and the world wide web, music can be used as a medium that can be shared among all cultures. In saying that, I mean that music from one culture can be appreciated and enjoyed from people from another culture. In my opinion, music could be used to bring everyone together. As American social hegemony declines, American music won’t be as dominant throughout the world as it has been. This will allow opportunities for the music of other cultures to open up. Also, emerging markets are helping to recover the music industry’s sales. Brazil, India and Mexico have seen market growth respectively of 24%, 42% and 17% since 2008. In 2012 revenues in India reached an all-time high while Latin America was the fastest growing region of the year. Globalization will have a positive effect on the music we have available to us and widen our variety in genres.