The music industry is constantly evolving, and it’s likely that we’ll see some major changes in the next few years. Here are four ways the industry is expected to change in 2023.
1. Streaming continues to dominate
Streaming services like Spotify and Apple Music have already revolutionized the way we listen to music, and it’s likely that they’ll continue to grow in popularity in the coming years. In fact, it’s predicted that the number of people using streaming services will surpass the number of people who own physical copies of music by 2023. This shift will likely have a significant impact on the way artists make money and how record labels operate.
2. Rise of the indie artist
The internet has made it easier than ever for independent artists to reach a wider audience, and this trend is expected to continue in 2023. With the help of streaming platforms and social media, more and more independent artists are finding success without the support of a major record label. This shift is likely to give artists more control over their careers and allow them to retain a greater share of their earnings.
3. Technological explosion
The music industry has always been open to new technologies, and it’s likely that we’ll see more artists and record labels embracing new tools in the coming years. For example, virtual reality concerts and augmented reality experiences are expected to become more popular, allowing fans to experience music in a completely new way. Additionally, the use of artificial intelligence and machine learning in music production is also expected to become more widespread.
4. Greater emphasis on social issues
In recent years, there has been a growing movement within the music industry to address social and political issues. It’s likely that this trend will continue in 2023, with more artists using their platforms to raise awareness about important issues and promote positive change. This could take the form of music with socially conscious lyrics, benefit concerts for causes, or collaborations with organizations working to address social issues.