Spotify Talks launches in Asia with “Top 5 Trends in the Music Industry”
Last July 5, Spotify conducted a thought leadership event called Spotify Talks, where artists, music producers and music industry leaders came together to discuss the industry they work in.
The panel was moderated by Steven Chia. Panelists included Calvin Wong (President, Southeast Asia, Hong Kong and Korea, Warner Music), Chee Meng, Tan (Director of Artist & Label Services, Spotify, APAC), Sunita Kaur (Managing Director, Spotify, Asia), Linying (Artist) and, Kevin Foo (Director, Foundation Music, Co-Founder, Umami Records & Beep Studios)
Here are the trends they discussed during the panel:
Music streaming is dominating the industry
People are turning to streaming services to enjoy music. Streaming revenue grew 57% during the first half of 2016, and since then, all signs have pointed to continued growth. According to the IFPI Global report for 2017, digital revenues now account for 50% of total revenues.
Instant music and Music Big Data
With analytics, labels now have information on how users react to tracks i.e. does it get skipped after a few seconds, at which point does the track lose its audience; and this is beginning to influence how writers and producers create songs. Users don’t have to wait for a song’s “release” as a physical copy.
Mainstream music is changing
In the past, mainstream music was very much driven by radio popularity. Today, users are driving and defining what mainstream music is. The data shows what users like and don’t like so it is constantly adjusting and making changes to ensure the app’s 2 billion playlists are representative of the fans listening.
Playlists are the new Billboard top 100
Spotify has over 30 million songs and playlists are a way for users to manage the music that is available quickly. Artists want their songs to be on people’s playlists more than a top ten list.
Artists reaching their fans and making new fans digitally
For newer/independent artists with limited resources, the emergence of digital has been a boon. With over 140 million music lovers on Spotify, someone is bound to love a track. It’s just a matter of reaching the user. Spotify provides guidance on where their music is being streamed most at and helping them build their profile globally.