Technology has become an essential part of our lives since it affects almost every aspect of our daily activities. The role of technology in industries is to improve the efficiency and effectiveness of operations thereby improving productivity. Industries that are highly dependent on technology often employ software applications such as ERP (enterprise resource planning) and CRM (customer relationship management). Other industries are also adopting technology as a means of improving their quality of services. This also allows them to provide service at a faster speed. Let’s see below the impacts of technology on the music industry.
Increasing accessibility
Technology enables us to do more than before. As technologies have advanced, they have allowed people from all walks of life to access these products and use them for different purposes. With this advancement, we now have more options when we want to make purchases online or purchase tickets online. Our ability to easily find information about products and their prices through search engines has made purchasing easier.
Increasing demand
Another impact of technology on the music business is increased demand for content. Music has always been a popular entertainment source but after the introduction of digital audio players such as iPods and MP3s, the popularity of music exploded. Online music stores such as iTunes have also further contributed to the rise of consumerism. More and more people are now spending money buying music and downloading songs due to its ease of access and affordability. This trend has been noted by the U.S. Association of Recording Industry (RIAA), which recorded an increase in album sales in 2014 compared to 2013. The RIAA estimates that there will be 1 billion albums sold in 2015. It is also estimated that around $16 billion of revenue will come from this number. Therefore, technology has had a huge influence on the growth of the music industry.
Reducing cost
The introduction of technology has resulted in reduced costs. In the past, recording artists would need to hire expensive musicians and technicians to create music. These expenses could add up to thousands of dollars. Nowadays, with advancements in technology, artists can record music themselves using readily available application software such as Garage Band. They can even upload their recordings to various music sharing websites for distribution and promotion. Furthermore, new technologies such as tablets have become affordable making it easy for musicians to distribute their music to others.
New media platforms
Since the invention of the iPod, other portable devices like smartphones and other MP3 players have also emerged. All these electronic equipment allow users to listen to music wherever they go. The convenience offered by these devices has greatly affected how people consume and interact with music. People no longer limit themselves just to listening to music alone; rather, they can interact with other music enthusiasts while listening to it. They can share their opinions about the song via Twitter, blog, Facebook, and other social networking sites. This gives rise to another form of media called social media (SM). SM is one of the most effective forms of communication today because it provides instant messaging and is free and easy to use. This has enabled individuals across the globe to connect instantly.
Personalization
Due to technological advances, consumers can now personalize their music. For example, Spotify allows users to download tracks that they like so they can play them whenever they want. This is the one-way consumers interact with music at the point of delivery. By making music personalized, we can ensure that it fits our preferences and tastes so we can enjoy the experience.
Accessibility
Technological changes in the music industry are not limited only to the production side of the business. Musicians are now finding ways to reach out to fans and listeners outside conventional methods. Social networks such as Facebook make it simple for musicians to communicate directly with their audiences through the internet. Using their mobile device, fans can get updates about their favourite artist’s latest creations. Additionally, streaming services such as Apple Music and Spotify have made it possible for non-traditional musicians to release music online. As long as the musician has created quality work, they can easily market their songs by uploading them onto the platform. Consumers can then choose what type of music they like best and stream it straight away. By offering accessibility, the music industry today can cater to all types of customers who may find traditional means difficult.
In conclusion, innovations in technology have influenced the music industry over the last few years. However, there are still several challenges that the industry faces when trying to adapt to these changes.