Jay Frank, an author of FutureHit.DNA & Hack Your HIT,
shared a slideshow from a panel at New Music Seminar, which was titled
“Breakthrough Trends in the Music Industry”. By looking through the presentation
that was given by music industry professionals. The presentation offers an
inside view, where these professionals offer there insight on were the industry
is and where it is possibly heading. For this blog post, I just want to
highlight some of the trends and ideas that were presented.
The main trend that was presented is the exchange in which
albums sales have gotten lower, as singles have gone up. Today, digital singles
are at an all time rise. An example of this is Adele’s “Rolling in the Deep”
which sold over 11 million units. In the U.S., digital singles are sales have
dramatically risen. Digital singles’ sales include ringtone, subscription,
digital album, digital tracks and royalties. In addition to this, the actually
songs take much longer to break into mainstream than ever before. At the
website, examples of these are presented.
Currently, the main challenge that investors and music
executives are having is finding a way to economize from this trend. They can
no longer rely on album sales to make a good profit from selling music; they
have to depend on digitals and the Internet. In the future, they will have a
way to gain a greater profit from this digital single shift in the music
industry. There are many ways they can possibly do this. My guess on what could
possibly happen is that music will be charged by a subscription or monthly fee,
similar to cable. I guess we will see if music executives will find a way to
economize from this trend, or maybe another trend will take over? It will be
interesting to see what will in the next few years.
Reference:
Frank,
J. FutureHit.DNA. “Breakthrough
Trends in the Music Industry”. June, 2012. Retrieved from: http://www.futurehitdna.com/breakthrough-trends-in-the-music-industry/.