The streaming-first market for the record industry is now. The global music streaming market grew to US$14.2billion in 2020. It now accounts for 60% of the global record business and more than 80% in the U.S. and Australian markets. It’s becoming more difficult to get a piece of the pie. Understanding streaming market behaviours and how they affect listeners is crucial. It’s more overwhelming than ever.
The competition
Streaming services are a powerful way to influence how people listen to and enjoy music. Release Radar will get you in front of your fans from day one. Also, landing a high-traffic playlist can pay your bills. Four hundred twenty thousand more tracks are looking at the cut through all the noise this week, a remarkable 50% increase in uploads from 2019. It is important to listen and often release to maximize your chances of winning.
They don’t give me my time, but they take my money.
Spotify’s latest transparency shows that their “DIY” artist, with 34,700 monthly subscribers, made US$4,100 in 2020. This is roughly a third of your dole if you don’t have anyone to share it with. Spotify saw its stock price increase in the same year musicians depending on the dole. Although criticism is not new to the company, this year has increased the demand for higher artist payments. In the U.K. inquiry into streaming’s economics, artists are protesting Spotify. Platforms like SoundCloud respond with a user-centric monetization system (but won’t solve much).
Will streaming music be a viable option for music lovers?
It’s time for the streaming industry to be reorganized. These platforms could be abandoned by artists and music lovers, while other listeners will become passive and trust robots to pick their music. The way music is consumed and monetized has changed with platforms like TikTok, Twitch, etc. This can complicate the process of your next release. Are these platforms as important as playlists or just optional trends?
How will release music in 2021 look, and what should artists know?
Although it has been the same for many years, music publishing is still a single-driven business, especially with most music being streamed online. It’s all about consistency and building your story over time. You may be working towards an album or E.P. release. However, it would be best to build your following to ensure you have as many songs as possible. Songs that you have the potential to make playlists for. You want to be able to create content around these songs, whether it’s audio or video content. And you want a release strategy that lasts longer to put more content out there and grow your audience without them being distracted by all the other stuff going on around.
Is playlist placement possible with the number of songs uploaded each day? It can be difficult for many musicians to get on these playlists, although they need to create singles frequently (as you mentioned),
Although it is not easy to be on playlists, it is possible. Many independent artists are making it onto playlists every week. The editorial spots are very competitive, so it’s not surprising that they are highly competitive. It would be best if you did not ignore other aspects of your release strategy, such as radio, P.R., digital marketing, and possibly touring. All of these can help you get the attention of the editors who create the playlists. Independent artists should focus on building their fan base organically, not relying on playlist support for every release.