As we end the month of February, we want to send you off on a positive note. The last year has not been easy, particularly for those in the music industry. But today’s article is not about what life has been like, rather, it’s where we are going. Even throughout 2020, the music industry experienced massive change. TikTok became increasingly more popular, innovations in live streaming concerts were made in leaps & bounds, and people came together to survive. But what will we be looking forward to once everything is said and done?
Concerts & Festivals Return
It’s a no-brainer to imagine the triumphant return of live music events. A few countries are already beginning to host concerts, Taiwan & Australia are included in that list. Granted, these concerts are at partial capacity. But it is a step in the right direction. As the world begins adding to the list of vaccinated people, we can hope to see some semblance of live music beginning to form. It is said that if 70-85% of the population is vaccinated, concerts could return by the end of the year. This is an ever-changing metric, of course. But hope is on the horizon!
Streaming Revenues Will Grow
The quarantine may have put a lot of people out of work. Many of those people began to dive deep into their passions. Music is near the top of that list. At Artist Republik, we have seen a rise in users that didn’t pursue music before the pandemic began. Since these people have had so much free time, they have been able to master their musical talents. We are already beginning to see a rise in distribution across the globe and that number will continue to grow as more people make their way into the scene. According to a recent study, revenues are expected to increase by 9.69% year over year for the foreseeable future. That is good news for artists. More ears on the music means more moolah in your pocket. Let’s keep looking forward to that!
With new services like Artist Republik and a variety of tools for artists to grow their careers, we are already beginning to see people become the “music middle-class.” What is that? It is the group of artists that are making money off of their music, but they aren’t necessarily superstars like Taylor Swift or Halsey. This democratization that I am speaking about is taking the old system of labels and turning it into a world for everyone that is musically talented.
Traditionally, we don’t see many smaller artists making it far because these labels have been the gatekeepers for the industry. But with these new services and tools, anyone can take their music and put it on major sound stores. From there, the sky is the limit. Anyone can book a tour (we’re looking forward to when touring comes back) and anyone can make money off of their music. This wasn’t the reality 10 years ago. But moving into 2021, that is changing for the better.
The Power is in Your Hands
The outlook is bright for the music industry. We know that the last year has been a struggle for many but now it’s up to us to take the power back. The music industry is changing and we believe that this next year is going to be crucial for making an indelible mark on the scene going forward. So get out there and make your mark.
The team at Artist Republik wants to thank you for joining us during February. We have a lot more content coming your way throughout the rest of this year. To subscribe to the blog and get on our email list. You don’t want to miss all of the great stuff that we have. Next month is going to be all about how artists like you use your voice to create positive change. We’re going to be doubling down on the idea of taking the power back. So let’s start looking forward, the ride is just beginning.
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