The Race for Digital Music Standardization and Adoption
The music industry is at a technological crossroad. One of the biggest challenges for the music industry is accurate tracking of songs that are streamed or downloaded; streamlining the distribution of the music; and improving how musicians, writers, and owners are compensated.
What if artists, record companies, producers, and publishers had the ability to read minds? Well, social listening and social intelligence technology have made it easier to discern and track what people are thinking and saying than any other time in history. Now that almost everyone posts almost everything on social media, review sites, forums, and blogs, those opinions can be analyzed and tracked. The ability to extract insights from social data is a practice that is being widely adopted by organizations across the world, and the music industry is ready for innovation in this important growing category.
The digital evolution has had a massive and continuing influence on the new music technology ecosystem, including the plethora of startups entering the space. But let’s face it, just like music artists, not every new company will make it big – and rarely is there only one reason for a startup’s failure. So what do music technology startups need to know to increase their chances of success?
Streaming, downloading, publishing, copyright laws, piracy, commissions, royalties, breakage, indie labels – the diverging complexities of the current music industry ecosystem and where the money is going continues to be the hot topic of conversation these days. The big question on everyone’s mind is what can be done to instill trust, confidence and ensure that music payments make it to their rightful owners?