The music industry is changing at a faster pace than ever before – check out our top five 2022 trends to keep up.
1. TikTok doubles down
TikTok — currently the world’s third-largest social media network — became a big source of money for labels and artists after striking licence deals with the recorded music business. Hundreds of artists have already exploded in this way, including Olivia Rodrigo, Doja Cat, and Megan Thee Stallion. And success might strike at any time. “Burning Pile,” a song by Vancouver’s Mother Mother, was the sixth most popular alternative/rock TikTok tune in the globe in 2021. That song was published in 2008. Last year, 430 songs had more than a billion views, three times the number expected in 2020. On the Billboard Hot 100, over 175 songs charted, which is more than double the previous year’s total. Be prepared for a similar jump in 2022.
2. The return of the CD
I can’t recall the last time I bought a compact disc; if I’m going to buy anything, it’ll be vinyl. Orders for new vinyl have been difficult to complete due to worldwide production challenges and material shortages, and costs have soared. Although it’s a long shot, might the CD be revived as a physical alternative to vinyl in the music industry? Perhaps — at least until the vinyl supply chain is resolved. A fun fact: the CD was originally introduced to the globe in late 1982, making this year the format’s 40th birthday. Isn’t that begging for some kind of commemoration?
3. Virtual reality becomes a reality
For years, people have predicted a new music metaverse, but technology is finally catching up to the promise. Yes, more acts will perform virtually in venues like Fortnite, but this is just the beginning. Music will be one of the gateway drugs into whatever early shapes the metaverse will take as Facebook develops its offering and Apple releases a mixed reality headset in 2022.
4. NFTs, NFTs, NFTs
NFTs could provide a new source of money for artists to compensate for the losses that the year 2020 would bring. Additionally, it provides a once-in-a-lifetime opportunity for fans to personally support them. Artists in the music industry now receive an average of only 12% of all profits from sales or streams of their music. Everything else goes to middlemen such as streaming providers and record labels. What’s our opinion? The music industry could be transformed if more people become aware of blockchain and its promise for a genuine, artist-first digital existence.