Make no mistake about it: streaming music is the future. CD sales have been on the decline for quite some time and the way we obtain and consume musical content has been gravitating toward streaming for quite some time now.
More and more mobile providers are acquiring and launching their own streaming and free mp3 download services with some even offering streaming as a free, data independent add-on. As this trend continues to gain momentum, streaming will soon have the same seamless feel of having a full library of downloads the listener can access anytime.
With that kind of portability, popularity is sure to increase and with that heightened popularity comes a whole new window of opportunity for various industries to benefit. So how industries and individuals handle the shift? Let’s have a look.
There are definite questions about the profitability of a standalone streaming service, however, companies like Apple and Google are quickly putting questions of whether streaming music services can tip and maintain a profit to rest.
There are, however, a few lingering concerns that any company who wants a significant share of the success of streaming will want to address. With the emergence of a large number of new streaming services projected to arrive on the scene within the next few years, even power players like Apple will find themselves pressed to stay on the cutting edge of streaming trends. This means developing features sets that will entice new customers to adopt the service and also keep long-time customers from looking in other places for fresh content.
As companies develop streaming services the question of what tech features will be welcomed and desired by the current market is an important consideration. New companies will have to work hard to come up with ways to set themselves apart from their competitors. That means developing a user-friendly, feature-rich UI that offers a variety of both free and premium add-ons to enhance the experience of the service on an individual-user level.
Artists and Industry Professionals
From the industry perspective, artists and labels will have to decide which streaming service partnerships will deliver royalties accurately, efficiently, and – most important – quickly. There are currently a number of companies (including Kobalt, MediaNet, and others) developing software-based payment systems for accurate royalty disbursement. These new systems will streamline the distribution of royalties per pre-determined metrics agreed upon between the artist/label and the streaming service.
Delivering An Immersive User Experience
As new technologies are developed and exciting new innovations make their way into the mainstream, one thing is clear: streaming is set to change everything about how we experience music.
The future of streaming music will deliver a truly immersive, multi-sensory experience for the user. Much like the advent of music videos, streaming services will eventually introduce even more impressive dimensions to the experience of music. It is predicted that features like interactive live concerts (aided in part by virtual reality and like emerging technologies) will become the norm, although the advent of those kinds of innovations are likely still years away.