Weβve identified seven music industry mega trends that will shape the future of music in the next five years. These are all things that anyone hoping to work in music, in virtually any capacity, will need to understand.
Download our detailed music industry mega trends report here.
Livestreaming & Music
During the pandemic, the livestream business (within both social media and gaming platforms) has boomed and is rapidly becoming more sophisticated. Originally conceived as a shoddy alternative to a live concert experience, the race is now on to develop platforms that deliver a sensory, multi-dimensional experience. It now appears likely that livestreaming technologies will continue to surge post-pandemic, in the same way that sports TV exists alongside live sport.
Livestreaming is already big business, with revenues in 2020 estimated at US$600 million. As well as ticket sales, artists are making income from virtual goods, donations and badges from concerts within gaming platforms.
Mark Mulligan, Managing Director at MIDiA Research, said: βFor many, livestreaming started out as a solution towards creating a live experience between artists and fans in the midst of the pandemic.
However, its rising popularity as well as growing opportunity calls for the music industry to take a page out of the games industry and understand that digital intimacy is the key to opening the box to monetising fandom.
βThe benefits of livestreaming can be multiplied when they are taken to music fans who are also gamers – audiences that will most quickly understand and translate the concepts of digital fandom across to music.β
– Australian Institute of Music
