By: AALIYA MINNIEWEATHER
The music industry is one of the biggest industries in the world. It’s a gateway to the music we consume and it’s been that way for the last 90+ years. But, along with everything else that’s been different in 2020, the music industry has been drastically different as well..
For starters, concert performances and tours haven’t been able to happen because of social distancing, and thus artists haven’t been able to profit off touring and performing. An article written in May 2020 by Stefan Hall and published by the World Economic Forum titled, ‘This is how COVID-19 is affecting the music industry’ said this, “The music industry has been hit hard by coronavirus with live performance revenue the biggest casualty. A six-month shutdown is estimated to cost the industry more than $10bn in sponsorships, with longer delays being even more devastating.” For the last few years, touring has been a massive and dominant part of an artist’s income and a great source of profit for the industry as a whole, and without it, the industry has lost a great deal of money.
Chances are they will need to reinvent certain aspects of the industry in order to gain back a considerable amount of the revenue that’s been lost over the course of these past five months or so.
The new circumstances have led some to predict that radio will probably once again become a dominant force in listening to music, as certain sites online have created their radios for listeners to have access to new music. Under a segment called, “The rise of radio” from another article from May titled, ‘Will Covid-19 change the music industry forever?’, written by Hattie Collins and published by British Vogue, it says, “In the UK, the BBC has reported an 18 per cent increase in listenership across its radio stations, while over in the US, Los Angeles’ KNX has seen a whopping 44 per cent increase in listenership. Sonos has also just launched its own ‘radio’, available online, while Apple Music’s Beats 1 is now available in seven Middle Eastern countries, including Saudi Arabia and the UAE.” With more music listeners being stuck at home, they still want to be entertained, and will likely seek that through their devices that they use especially when they’re relaxing at home. Finding these radios and using streaming platforms will still keep listeners occupied and updated with new music, and chances are these radios will continue to exist in the next decade as artists and industry executives alike have discovered new ways to promote music and earn a profit.
Music industry executives might feel that a way to truly return back to its “old self” again is to consider a new way to market or sell music; maybe they’ll explore a way to profit off of pure sales again as well as streaming.
In the 1960s and before, and in the 70s and 80s as well, there were vinyls.
In the 1990s, there were CDs.
In the early 2000s, there were still CDs, as well as MP3s.
From the mid 2000s to early 2010s, there was the digital era.
And in the later part of the 2010s, streaming has taken over… for now.
I wonder what will come up next in the 2020s.