The Future of the Music Industry

       As the music industry evolves throughout the years I believe streaming music will be sought out more than physical music. Streaming platforms like Spotify and Tidal garner billions of streams each year. According to the IFPI, in 2021 streaming percentages were up by 24.3%. Although physical music numbers grew by 16.1%, streaming was still ahead. There has always been a desire for physical music such as records and CDs, however, fewer stores are starting to carry them. "In the seventh consecutive year of growth, streaming once again proved a key driver and the dominant format globally, growing in every region." (IFPI Global Music Report) Another prediction for what the future holds in the music industry is record labels having more partnership-based relations with artists. In the past, record labels had a mentality of "owning" their artist and looked over every decision they made. The Global Music Report discusses how labels are now wanting artists to see them as allies who help them make decisions in the music industry. Instead of trying to control artists they are looking to help them learn to navigate the industry. "Artists know who they are. It is our job to enhance and support that," states Rich Castillo, A&R director of Atlantic Records UK. (Pg. 10) 

    This also leads to the discussion of more and more artists going the independent route. Because of apps like TikTok and Instagram, independent artists can gain more attraction to their music without having to sign to record labels. However, labels are still seen as a key to push artists into new public spheres and aid them creatively. A movement that has already started in the music industry is ensuring artists' rights. As time goes on, this will only increase. For example, Tidal gives the most money back to artists for streams. Other streaming services will likely follow suit if big artists choose not to put their music on lower-paying platforms. Artists are also becoming more aware of their rights and other legalities. We are starting to see a more personable approach to artist needs from record labels. "Responding to whatever it is that an artist needs is really critical for us, whether that’s mental health services, physical health services, financial health services, education services, even access to community services." (Pg. 13) I believe record labels know that if they do not offer these services to artists that they will likely take their business elsewhere.