Recent findings have shown that music streaming services presently accounts for a quarter of the entire music industry income. This clearly indicates how music streaming activities become a major part of the wide music industry. Undoubtedly, digital streaming services have created a larger impact and even changed the perception how people listen to music through the digital medium. Currently, digital streaming services in the music industry are witnessing an exponential growth every year. Of course, this is good news for the music connoisseurs from all parts of the world.
However, popular music artists like Taylor Swift and The Black Keys have different views about music streaming, and according to them the industry is in the primitive stage and does not offer any tangible benefits to the artists. They have even reacted by limiting or withdrawing their music libraries from the music streaming services. It looks the music streaming industry needs some fine tuning in setting some standards in order to satisfy the needs of every artist and other concerned individuals.
Music researchers in the academic institutions are in the process of studying how the music streaming has created an impact on the entire music industry and also to find out how it can play a major role boosting the new economy. Of course, the effort seems to be challenging, and we need to wait and watch for their outcomes in the next few years. According to the music industry observers, the revenue has seen negative growth since the new millennium due to several factors such as piracy due to downloads, a decrease in sales.
No matter various brands and business have been immensely benefitted from the Internet, the other sector that has witnessed swarming popularity is the music industry. Artists and singers no matter they are established or newcomers have embraced internet for giving the opportunity to expand their professional circle and showcase their talents in front of the global audience.
The growth of the music-sharing sites is phenomenal in the recent times. As per the experts, these music sites are known to be a customized gala especially for users who have an exclusive interest in music no matter what genre. Hence, when an aspiring artist needs a break, a music sharing site is the best option in attracting the attention of the target audience and network well with them. This feature seems to be a boon to everyone including the upcoming artists as they need not look for another platform to show their talents.
With the advent of Spotify, Pandora, YouTube and Apple Music the concept of music ownership has taken a beating in terms of revenue to the artists. This is mainly due to the shift in the minds of music lovers who have started getting into the subscription-based streaming instead of directly buying the music mediums. Some sites even offer free-downloading for the music lovers. Such a scenario restricts the revenue to the artists to a great extent. Also, the record label’s royalty agreements with the artists are becoming obsolete and make things worse.