Blog #6 : The Future of the Music Industry

Friday May 10th, 2019

In my honest opinion, the future of music should always look bright. Music is such vital part of our lives that we in fact need it. I can not tell you that last time I went a day without listening to music. It’s absolutely amazing, not only does it sound good (depending on what kind of music you like), but it binds people together, expresses words and stimulates feelings. It moves people to go after what they want, or it allows them to calm down and relax. Music is everything. Yet where is music in the future?

The future is looking great. IFPI explains that in 2018, Global revenue for music went up 9.7%. This is strictly, because of the advances in technology. Streaming is at a 46.8% of the Global revenue total. Meanwhile, physical revenues and download revenues have gone down catastrophically at numbers such as -10.1% for physical and -21.2% for downloads. This is mainly because we have found an easier and more affordable way to acquire music. There is no need to have to download music anymore, or if you want to get an album of something, you shouldn’t have to go to the store for that. Instead we have things such as Pandora, Apple Music and Spotify. These all make it very easy to acquire music fast and cheap.

But where is the future of music and what is it going to be? That is honestly a difficult question, and there is no sure way of knowing how. They’ll probably come out with something that can beat out streaming music soon enough and I am pretty eager to find out what it is going to be. One thing that is for sure, is that music is not dying down and It wont be for quit some time. What will change is the kind of music that is being listened to however. Such as the electronic age is quickly taking over with creating new beats and EDM type of music. What this means is that instrument such as the guitar, base, violin, drums, etc.. are going to be a thing of the past and weaved out in the future. That is going to be missed, because of the dedication and hard work it takes to learn and perfect these instruments.