The Music Industry Over Ten Years
The younger generation of music listeners will never know the struggle of buying music on iTunes, syncing it on an iPod, then dragging and dropping the songs into a music folder.
Alright, it really wasn’t that much of a struggle, but it sure was time consuming, and even pricey. Especially for broke students who can’t afford 99 cents a song. That was about ten years ago.
But back in 2007, albums were digital, and there were more singles out than soundtracks. However, a new wave of technology is transforming the music industry and that’s music streaming.
Some would say, music streaming the most popular form of listening to music. With so many streaming sites like, Pandora, Spotify, Apple Music, nobody buys music anymore. Instead, people are buying inexpensive packages that get them unlimited access to music for just under five bucks. Advertise that to millennials, and you got yourself a deal. Especially when people are on their smartphones and computers 24/7, it makes it that more easier for them to stream music online.
With that being said, the impact of technology in the music industry is rapidly growing, that new and old artists are finding it hard to keep up. This is because the industry is an unrecognisable place compared to ten years ago.
In a Web Summit, with the guests Ne-Yo and Tinie Tempah, Hans-Holger Albrecht, the CEO of Deezer, and Eric Wahlforss, the CTO of SoundCloud, each talk about their experiences trying to survive in the music industry with music streaming.
Tinie Tempah spoke about how music streaming services actually helped him find success in the first place. Unlike Ne-Yo, who focused on the negative impact of music streaming services because of the lack of fame associated with it. When Tinie Tempah began, he used the music platform, Myspace, popular in 2005; it helped him connect and engage with fans. As a matter of fact, Tinie explained how he was happy to give his music away for free, anything for his fans he said, hoping to reach an even bigger audience with the power of his music.
Of course, he admits streaming does make it difficult for artists to receive their share, but he also admits, it has transformed the music industry and made it even bigger than before. Allowing deep exposure for underground artists to be found on the same playlists as listeners are streaming.