We’ve 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.
The Games Industry
One of the biggest conversations right now is around opportunities for the music industry within gaming. To put this in context, games revenue was almost four times the size of the global music industry last year.
The Future: Music Within the Gaming Experience
Up until now, music experiences in games have been focused on marketing and promotion, for driving streams and ticket sales. To realise the full potential, music needs to become part of the game experience itself and thus tap audience demand and unlock in-game spending, which is where the real money lies.
While the music industry has traditionally generated income from simply licensing music to games developers, there are now huge opportunities for in-game monetisation, such as virtual merch and collectibles.
– AUSTRALIAN INSTITUTE OF MUSIC
The Data: Gamers Consume More Music & Merchandise
A recent report by the UK’s MIDiA Research shows that gamers are big music consumers. They spend an average of 10.8 hours a week gaming and 7.6 hours streaming music – more than double the average consumption of music (3.6 hours) for all consumers.
The study also found that 20% of gamers buy music merchandise – more than double the normal population. The research suggested that gamers are “highly acclimatised to the fandom monetisation models prevalent in the games economy, from in-game purchases for cosmetic items, through to tipping games streamers”.
The Australian Institute of Music’s Bachelor of Music (Composition & Production) degree provides opportunities for students to develop key skills that are critical for composers and producers to succeed – and there’s never been more opportunities in this field thanks to the streaming era, where gaming and video content reign supreme.
FUTURE STATE: Mega Trends in
Australian Music Report
Download AIM’s special report on the mega trends that have transformed the music industry in 2021. Explore global research and in-depth insights on double digit music growth, the artist as entrepreneur, online fan communities and more. Recorded music has surged whilst touring stopped. Data and A.I. made listening visible. This is what every music industry professional needs to know.
