How many of you love convenience? There seems to be a new trend on the rise: wearable devices!! We have already seen wearable devices such as the FitBit or the Apple Watch gaining popularity. This is due to the fact that consumers love new technology supporting convenience. Think about the way we carry our mobile devices everywhere we go. This is exactly what is expected to happen with wearable devices. The main difference between mobile devices and wearable devices will be the fact that wearable devices are built to be effortless therefore making it even more attractive to users. Look at the chart below…
Recently done research shows that consumers are very much interested in these wearable devices to be created. The charts shows us how multiple devices can be developed to satisfy consumers wants/needs. Now, more and more are interested in learning about this trend, estimating what the future demand will look like, and how it will affect our lives – for better or worse. The million dollar question now is… How will these wearable devices affect the music industry in the future?
If you would like to read more on this topic, visit this link. There you will find the article that served as inspiration for this short blog post – http://blog.leweb.co/2014/10/wearable-computing-ready-to-take/#.VFaXzJV0xla
Have you ever noticed the immense amount of music that technology allows us to listen to? There are so many choices that it would be impossible to listen to every track out there in one lifetime. This is what a fellow blogger likes to call “The Tyranny of Choice”. In his blog, he points out simple facts – making relevant points regarding the future of music.
There is a noticeable imbalance in the music industry. There a numerous music services world wide. These music services are focusing on a small percentage of consumers as opposed to targeting a much larger market share. Streaming plays an important rule in the music industry and it has caused cd and download sales to decline. By targeting that small percentage of consumers, music streaming services are simply taking the downloading money and converting it into streaming money. This means the consumers are switching but not spending more. Larger target market is not necessarily being considered meaning there is just revenue transition rather than revenue growth in the music industry.
According to fellow blogger, there are three things to focus on that are predicted to shape the future of digital music – (1) Consumer Behaviour (2) Tech Companies Strategies (3) Income Distribution. Consumer behavior of the next music generation listeners and not the generation transitioning from downloads or cd’s will be the ones music services need to pay attention to. By understanding the next generation, the music services will be able to properly grow and evolve. Technology companies such as Apple, Amazon, and Google control digital music in one way or another. For this same reason, others such as labels and producers can focus specifically on the music while these companies strategize to focus on their own established goals which mostly involve product/service sales. It is a win-win. Finally, artists and songwriters have begun to pay more attention to income distribution. Although it may not happen overnight, the pressure to more evenly distribute this income is an important movement.
Music listeners may not be expected to spend money on downloads or cd’s in the future, however they are expected to listen to the numerous music choices available to them more than ever before. The Tyranny of choice will influence the way we all listen to music. This provides artists and labels with new opportunities though. Because of “the tyranny of choice” technology has created and will continue to create in the future, artists and labels must come together to create partnerships that will allow them to sell an experience – an unique music experience that they can both sell to the next generation listeners. To provide unique music experiences to listeners is what music has always been about so to focus on this same principle in the future despite how technology continues to change our lives is truly a beautiful thing.
To read the blog post and see charts that served as inspiration for this blog post, follow this link – http://musicindustryblog.wordpress.com/2014/09/29/digital-ascendency-the-future-music-forum-keynote/