The Digital Age; Music Executives Respond to the Impact of Digitalization in the Music Industry
according to RIAA, Earnings from streaming music will grow 26% to $5.9 billion in the first half of 2021, accounting for 84% of total music revenue over the same period, 2019 levelIt’s no exaggeration to say that the pendulum has completely swung in favor of digital and streaming.
The streaming industry has changed the music industry, from the quality of music to its distribution, to how it is accessed and consumed. There are still a few people who are against the idea of streaming with subscription-based streaming services, but they saw it a few miles away and plugged it in.
According to Dr. Rick Hendrix, CEO of the Rick Hendrix Group of Companies, “The digital age and the age of streaming It had neither good nor bad impact on the industry. We just changed the industry. Some parts of this change may be interpreted as positive by some and negative by others, but at the end of the day, the change is permanent and the industry needs to fight it. is the fastest way to remain irrelevant in
Dr. Hendricks is a veteran music executive and media mogul who has worked with artists such as Whitney Houston, U2, Elvis, Mariah Carey, Miley Cyrus, and Garth Brooks. He has won numerous album awards for his work. He has scored hundreds of number one songs on Christian and secular radio. His latest award came from Sony Music in 2021, recognizing Whitney for his work with Houston.
In older times, Dr. Hendricks was a rare breed known for his passion and ability to help and advocate. independent artist It allows traditional labels and managers to own masters, own the rights to their music, and act as a label arm rather than just a signing artist.
Long before the music industry began its tumble into the digital age, he was already using the internet to promote his artists alongside radio, paving the way from physical purchases of music to impressions to the digital age. had started.
more consumer focused
As the music industry has grown, the combination of social media and streaming has led to a surge in fan engagement. Social media has made artists more human, allowing them to understand and connect with their fan bases.
It not only helped humanize the artists, but it also helped humanize the fans and consumers. Fans now have faces and names rather than just data points on sales sheets. Despite these changes, Dr. Hendrix acknowledges that many executives still take this benefit for granted.
“One of the most important lessons is one that is often taken for granted: take care of your audience (clients and consumers). A project for our artists – a project where artists, labels, and consumers all win. If everyone wins, there is no failure. No. We need to focus on the main line, the consumer.”
Since the 2000s, listener engagement habits have changed significantly, especially when it comes to consumer preferences. The industry has undergone major changes for a long time, but technology has made this change more prominent, incentivized, and more accessible to musical diversity.
Algorithms powered by many streaming services show that companies are now targeting variation in terms of engagement.
“The one-size-fits-all method that the industry has used for decades can no longer fly. People love what they love. Music speaks to the soul. The state of the human soul is a very complex issue. A lot of things can be said, explains Dr. Hendrix.
Dr. Hendricks recalls Capitol Records asking for gay and human rights-incorporating Garth Brooks songs to be released on gospel and country radio in the early ’90s.song we will be free It went on to become one of Brooks’ most important singles, even winning a GLAAD Award, unheard of in ’90s country and gospel music. “They tell you to wash, rinse, and repeat, so over the years, I’ve continued to bring music and film to market, and have always had an even mix of critical press, radio, and consumer packaging. sale of goods.”
Infiltration of more artists
Some of the strongest music hits of the last decade were cooked up in teenage bedrooms using substandard equipment. The poor quality of the music doesn’t seem to upset the fans who made these songs stand out.of Streaming impact The social media penetration of artists is staggering. Artists can interact directly with their audience, create songs and post them all streaming to his platform without the help of a manager or record label.
Arguments against extreme digitization highlight the poor quality of music. Streaming platforms often require music files to be compressed, which reduces quality. Due to its easy access, there have also been some subpar music releases. But Dr. Hendricks disagrees with this point of view.
In his words, “Music labels and management positions will always remain sacred in the industry. In many ways, social media and streaming platforms are making talent and potential talent more visible. It also gave artists a choice and reduced influence, whose labels traditionally took precedence over them, which is a big plus for me.
“Artists are better positioned now and can often achieve some success before labels get to them. has been fighting for, and these platforms are making it a reality for the next generation of musical talent.”
Current engagement and revenue statistics from streaming platforms suggest that consumers prefer variety and quantity over quality. This is something that traditional music lovers always object to. But numbers don’t lie. “Having been in the industry from the early days to now, it’s amazing how much has changed, but now it’s all about positioning yourself to succeed in the digital age,” he said.
Having seen it all, Hendrix believes that digitization is keeping the industry safe.
https://www.forbes.com/sites/joshwilson/2022/09/14/the-age-of-digital-music-executive-reacts-to-the-impact-of-digitalization-in-the-music-industry/ The Digital Age; Music Executives Respond to the Impact of Digitalization in the Music Industry