The future of the music industry.

Live music, the reason why most become musicians has always been and will remain. Multiple platforms are now available for musicians to perform and share live music. Some have made it by using YouTube or Vevo as some now use such platforms to connect more with fans and add value to their audience. With live streaming technologies at the forefront and the number of festivals worldwide growing that year after year, there's now more financial value in artists performing than selling their music through traditional channels.

Streaming growth. Streaming is still a questionable place in the music industry. Musicians believe that the existing royalty structure is unfair and neglects them as music professionals. This is a continuation of the old argument of when artists feel they are being abused by labels and management using a higher percentage of their product. We live in a growing world of shared services and one of the beauties of this is the invention of programs like Spotify. One of the biggest benefits of Spotify is that if you and all your friends are members, you can discover and share more music through one platform. I see this as an advantage to the musicians because they can now reach a wider audience and be discovered more easily. This may not reflect direct revenue, but being on the radar of more people can only be supportive, especially when planning that next world tour. Streaming companies are growing twofold and with more options available to consumers than ever before, market competitiveness has brought better innovations and a more diverse spread of new platforms that become available.

Smartphones and tablets are key to success in the music industry. We are now at a time when media consumption in motion is often common for most consumers. In America, about 90% of the population owns some kind of device, and with further advances in the coverage of the entire Internet, we consume more and more and search for new music on these platforms. Devices allow people to fully sync their entire web world. Social media is ingrained in most streaming and internet radio platforms for instant sharing with friends. This is also seen with blogs and publications that include mobile in their publishing strategy to best connect with audiences across the industry. The use of data and analytics across the industry will continue to have a huge impact on how artists and labels operate across the industry. It has become a big part of their marketing and promotional efforts, but also where music has become a digital enterprise, a huge amount of data has been collected that can be used when using tour plans, release dates, social demographics and more. Using data via YouTube, Spotify and other sources can show an artist where they should invest more time in tours due to the size of the audience. With monetization, a battle for smaller acts, these tools can allow them to play to sell outings and maximize ROI while touring.

The industry has become one of the most exciting because of its natural desire for creativity, entrepreneurial aspects and the desire to succeed. Due to the growth of new platforms, services and start-ups, there has been a huge opportunity for both the artists and industry participants. As the streaming debate continues to take place, musicians will learn to take advantage of these services and create great revenue opportunities. Over the next 10 years, we will see a continuation of growth in the use of data, streaming services and new product development. Labels and the travel landscape continue to change, and as industry continues to adapt to new technology and endorse entrepreneurship, the music industry becomes an innovative perspective for the future.