Music Business and Music Tech Trends worth tracking in 2024
The new year has begun, and things are changing in areas ranging from social media to tech. Here’s an update on what to keep an eye out for in the coming months…
by Randi Zimmerman of Symphonic Blog
2024 is finally here, and that means once again the industry is about to overflow with new tech, tools, trends and more. As an independent musician, that means you’ve got more to learn and even more to grow. To help you ride the wave of what’s to come, here are some of the biggest music streaming trends we think artists should definitely keep an eye out for in 2024…
AI
Utilizing new and improved artificial intelligence and machine learning to enhance their suggestions, streaming platforms are most likely going to follow initiatives like Spotify’s AI DJ, assessing listeners’ musical preferences but also factors like geographical location, time of day, current weather conditions at that location, and more. All of this to bring users the most precise and personalized music recommendations, ever.
In addition, streaming services will most likely get an influx of AI driven content, which could be a new challenge for companies that lack a human element. AI assisted music production will also open up a whole new world of possibilities for artists, cutting down the time it takes to produce a new track and get it out to the world.
DIY Distribution
As the streaming market evolves, more DIY distribution companies will continue to evolve as well. That means standards and policies may change, but a greater emphasis on KYC (Know Your Customer), i.e. the standards that better help companies understand who/where their customers are and protect them against fraud and corruption, will get more attention this year, too.
The industry as a whole has been cracking down on fraud more than ever, and will continue now in 2024. For example, last year Symphonic, along with CD Baby and its parent company Downtown, TuneCore and its parent company Believe, DistroKid, UnitedMasters, EMPIRE, and Vydia as well as Digital Service Providers Spotify and Amazon Music all came together to form an anti-fraud alliance called, Music Fights Fraud.
Specifically built to work on eradicating streaming fraud across the industry, this alliance is just one of the solutions in action this year (and hopefully for many more to come).
DSP Changes
Remember those industry shaking changes Spotify made back in November? Those changes may trickle down and be adopted across other DSPs , too. In case you missed those updates, here’s a quick rundown to catch you up…
- Tracks must reach at least 1,000 streams on a 12 month trailing period in order to generate royalties. (Any track that has streamed less, will not receive a royalty.)
- Charging labels and distributors per track when flagrant artificial streaming is detected on their content.
- Increased minimum track length of functional noise recordings to two minutes in order to be eligible to generate royalties. (“Functional” genres include white noise, nature sounds, machine noises, sound effects, non-spoken ASMR, and silence recordings.)
(That’s not all though. Be sure to check out, “Our Take on Spotify’s Latest Royalty Model Overhaul” to learn everything this means for you and the industry as a whole.)
In the meantime, we believe it’s possible that other DSPs will implement their own variations of these. While some of these may seem like a benefit, it will remain to be seen if it truly means that indies will get more income or if it will more-so go to the majors.
Social Media 🤝 Streaming
The impact social media has on artists big and small is no groundbreaking news, but the way it has become an integral part of the artist journey and its relation to streaming success is worthy of a mention here. For example, TikTok and Instagram have become the ultimate hubs for music promotion, launching artists into the limelight through behind-the-scenes looks, exclusive content and more. Social media as a tool for improved streaming success is a trend that will undoubtedly continue through 2024 and beyond.
In Conclusion…
2024 is all about growth. Whether last year was your year or not, this year brings a whole new opportunity to evolve into the next step of your career with an arsenal of industry tools to guide you through, found right here on the Symphonic Blog. Knowledge is power, and we do our best to stay on top of what’s happening in the industry to provide you with everything you need to thrive independently.
That being said, you know what else is trending in 2024? INDEPENDENT MUSIC.
This year and every year after.
