If you want to predict the future of the music industry, think about how video games and AI-enabled music creation will change the industry. While these innovations will undoubtedly open new doors for artists, they may also hurt the ability of record labels to develop contemporary artists and instead focus on their old catalogues.
Video games are the future of the music industry:
Video games are a growing trend in the music industry and are becoming increasingly important to fans. Since the 1990s, video games have been critical in discovering new artists and genres. In many ways, they’ve shaped a whole generation of players and their tastes in music.
Popular games such as Rez Infinite and Tetris Effect let users interact with the music they play and are increasingly creating opportunities for bands to gain exposure. Video games are also a major market and are predicted to reach $180 billion in revenue by 2020.
AI-enabled music creation will open the gates:
Artificial intelligence will change how music is created, listened to, and distributed. This could affect the music industry’s demand for professional musicians and songwriters and artists’ income. Automatically generated music might not require royalties from artists and may be used without their permission in films. This could impact the livelihood of artists and orchestras. Additionally, the music industry has already severely damaged many traditional art forms. For example, classical music is in very limited demand.
- AI is already transforming the music industry. Some of Alessandrini’s projects have incorporated artificial intelligence into music creation. One example is the Piano Machine, which uses computer signals and voltages as “fingers” to generate music. Another project, Harp Fingers, lets users play the harp without touching it. Similarly, machine learning is the driving force behind online streaming platforms such as Spotify and Apple Music.
- These apps use machine learning algorithms to provide personalized playlists and recommendations based on their preferences. Furthermore, machine learning is also helping music creators with disabilities play their instruments with eye movements.
- AI is everywhere in the music industry – from the recording studio to the listener-facing platform. This innovation is not a new development but is merely an evolution of past stories. In the future, AI-enabled music creation could help songwriters earn royalties and even credit for their work.
Record labels will lose the ability to develop new artists:
The music industry is rapidly changing. Lockdown policies and social distances are taking a toll on the smaller artists. These musicians are finding new ways to survive and succeed in this new landscape. These artists say major labels ignored their needs and treated them like second-class citizens.
The music industry has changed significantly over the past decade. Major labels no longer develop artists into superstars, leaving them to fend for themselves. Major brands try to minimize their losses on emerging artists, giving them only a small budget for promotion. The result is that most newly signed artists receive disappointingly little promotional support.
Artists must have control over their material and have the right to sell it. In addition, they should own the master recordings of their songs. This will allow them to sell their catalogues. And they should have the right to decide what happens to their music after it is recorded.
Record labels will focus increasingly on their old catalogue:
The history of record labels goes back to the late 1800s when phonographs and phonorecords were first commercialized. The first major record labels were the Thomas A. Edison Company, the Victor Talking Machine Company and the Columbia Phonograph Company.
These companies then began to merge to create the MCA and other labels. In 1968, MCA bought the Brunswick and Coral labels, and Decca (US) became part of MCA. In the early sixties, CBS was the number-one record label. RCA, Columbia, Capitol-EMI, and Polygram were second and third.
One possible solution to this problem is to increase the period in which a record is eligible to be re-released. Many people buy albums they’ve heard many times, and re-releases allow them to do that more than once. This means that older music is more accessible to listeners who haven’t heard it yet.
Author Bio:
Alvin Nicolas is a research-based content writer for Cognizantt, a globally Professional SEO firm and Research Prospect; a Tjenester for avhandling og essayskriving til Storbritannias beste pris Mr Alvin Ncolas holds a PhD degree in mass communication. He loves to express his views on various issues, including education, technology, and more.
