2024 Music Industry Predictions from Janelle Borg of Amplify
Between now and the end of the year, Hypebiot will be publishing a series on 2024 Music Industry Predictions from our favorite forward thinkers in music and music tech. First up is Amplify’s Janelle Borg.
By Janelle Borg of Amplify and the AmplifyYou blog
More focus on superfans
Taylor Swift and Beyoncé’s tours and movies show the insurmountable power of superfans. Given the oversaturation of artists, music and content on social media and music streaming platforms, it has become increasingly important for both emerging and established artists to carve their own niche, and nurture a group of fans who are passionate about the artist and their work. If current trends are anything to go by, we can expect this to continue throughout 2024 and beyond, as artists and their teams attempt to follow in the footsteps of Taylor Swift and Beyonce by monetising their superfans.
Increase in AI-assisted, fan-generated content
AI has undoubtedly been THE music industry hot topic of 2023, and it’s not going away anytime soon. With AI-generated vocal clones becoming a thing on YouTube Shorts, and Grimes creating her own AI ecosystem, it looks like fan-generated content is being facilitated by various AI tools. We will likely see more tech and music companies – and potentially even more artists – make money from what is currently a wild West-like landscape.
More artists are opting for subscription models
With recent changes to music streaming platforms’ royalty models, it’s becoming increasingly tricky for emerging and mid-tier artists to depend on DSPs for sustainable income. As a result, more and more artists are looking for alternative ways to generate revenue.
Subscription platforms are becoming increasingly popular because they provide reliable monthly incomes to artists and creators. This is especially true when artists take the time to truly build a community on the platform by offering their subscribers regular, exclusive material. As the digital landscape continues to evolve at a rapid pace, subscription platforms provide a sustainable and adaptable way for artists to thrive and make a living in the passion economy.
Janelle Borg knows a thing or two about the music industry. Having been involved in the industry since the age of 13, she’s now involved in a variety of music-related projects and is always keen to share industry tips ‘n’ tricks with fellow musicians.
