As the end of 2021 swiftly approaches there are many things to look forward to, especially in the music industry. Let’s take a look at 5 music trends on the rise:
1. The Rise of Indie Artists
In 2016, data suggested that there were about 800 full-time independent artists in the United States. That number has been on the rise and from the latest data in 2019, the amount of Indie artists has doubled in 3 years to reach 1600.
As this number continues to grow, indie musicians will likely outnumber label-employed musicians 10 to 1. However, without the backing of major labels, indie musicians are struggling to make ends meet. This will only become more difficult as the number of indie artists grows.
2. Virtual Music Performances
When COVID-19 hit and gatherings of people were banned, musicians everywhere got hit hard. They had to find new ways to engage with fans, and technology, as it often is, was the answer.
Marshmello, an EDM artist, was one of the first to jump on this trend when he performed virtually in an event hosted by Fortnite (an online video game). This virtual concert brought in more than 10.7 million viewers and inspired many other artists to host similar events. Virtual concerts will continue to be a relevant method of fan engagement well into the future.
3. NFTs
NFTs are Non-Fungible Tokens and refer to digital collectibles that are unable to be duplicated or recreated. These online collectibles are selling for thousands of dollars, but what does that mean for the music industry?
NFTs will allow fans to purchase something directly from their favorite artists. They also allow artists to sell or gift digital collectibles virtually to fans. Fans can trade, collect, and sell these NFTs, while artists unlock a completely new revenue stream.
4. TV Show and Movie Collaboration
As streaming giants like Netflix, Hulu, HBO, etc. continue to dominate the digital entertainment industry, musicians have ample opportunities to get more exposure and recognition for their music.
In 2017 Lizzo collaborated with Netflix’s “Someone Great”. The romantic comedy incorporated her single “Truth Hurts.” shortly after airing, it skyrocketed into the Billboard Top 100, boosted her career, and made her a prominent figure today.
5. New and Growing Revenue Streams
Being a musician is tough. Especially being an independent musician. However, some artists are beginning to maximize their revenue by combining merch sales, streaming revenue, music sales, and analytics to better engage with their fans and promote themselves. Unfortunately, this can be a tedious process for artists who simply love to play.
Luckily, companies like Vocana have simplified this process. Vocana puts all of these revenue streams in one place, allowing musicians to do what they love while making more money and engaging with their fans. As the number of indie artists grows the need for simplifying money-making grows with it.