The global music streaming market is expected to grow rapidly in the next few years. The market reached a value of $29.45 billion in 2021 and is predicted to follow a CAGR of 14.7% from 2022 to 2030. This is due to the increasing demand for streaming services and the growing number of users switching to digital platforms. Likewise, the demand for audio and podcasts, as well as music videos, is also expected to increase. As a result, the number of new music and users on popular music platforms will likely grow over time, leading to increased competition for more listeners.
Furthermore, technological improvements in streaming services are projected to further enhance the market’s growth prospects over the forecast period. Given these, it’s essential to stay updated with the latest trends in music and technology. Here are some significant music tech trends to look out for in 2023:
AI in Music Production
In today’s music industry, artificial intelligence plays an increasingly important role in music production. From lyric generators to song-identification services to audio mixing and beyond, AI is helping artists create better music more efficiently than ever before. And AI-powered personalized playlists can give you a new way to discover and enjoy music. With AI continuing to evolve rapidly, it’s clear that the future of music will largely be shaped by artificial intelligence. So whether you’re an artist or a music fan, it’s essential to stay up-to-date on the latest AI advancements in music.
VR Concerts
The pandemic has forced people to stay home. To better manage the isolation, many have turned to online concerts to get their fix of live music. While this has been a great way to still enjoy live music, it does have its limitations. You’re stuck staring at a screen, and the experience is not very immersive. This is where virtual reality comes in. With VR, you can actually be transported to the concert venue and feel like you’re right there in the crowd. The technology is continually being developed as more and more consumers start to use VR headsets. So keep an eye out for VR concerts in the near future, and be ready to enjoy this immersive new way of experiencing live music.
Virtual Music Events
Many music festivals and concert tours have been canceled or postponed in response to the pandemic. However, some artists find creative ways to connect with their fans online. Virtual music events are live streamed from popular platforms such as Facebook and YouTube, where you can tune in to watch your favorite artists perform from the comfort of your home. These events often include interactive experiences and Q&A sessions, providing fans with a unique opportunity to connect with their favorite artists. Similarly, this platform allows fans to support their favorite artists and stay updated on any new releases or tours.
Home-Based Recording Studios
The pandemic made it difficult for independent artists to create music in traditional studios. However, with the rise of home-based setups, anyone can create high-quality recordings. With so many people working from home, there’s been a need for high-quality recording equipment that doesn’t break the bank. This might include digital workstations, microphones, pedal boards, audio interfaces, midi controllers, and more. But depending on your music, your specific equipment needs might vary. For example, suppose you play the guitar. In this case, you should get the best guitar pedal board available to help you create amazing sound effects and tones. Doing so will allow you to craft unique recordings and take your music to the next level. So whether you’re a musician who wants to record your own music or someone who does covers for their social media, home-based recording studios can be a great solution.
Automation in Music Promotion
Automation can be a helpful tool for promoting your music, but it’s important to use it wisely. Automation can save you time and help you reach a wider audience when used correctly alongside a solid marketing strategy. For example, you can use automation to post updates about your latest album on social media or to send out email newsletters to your fans. However, it’s also important to interact with your fans directly. You need to ensure that your automated messages are personal and relevant. With a bit of thought and planning, automation can be a powerful tool for promoting your music.
Some exciting trends are emerging in the music tech world. There’s much to be excited about, from AI-produced tracks to home-based recording studios for 2023! So if you’re interested in staying up-to-date with the latest and greatest trends, keep an eye out for these developments over the next year.
