How Digital Marketing is Changing the Music Industry
The Music Industry is one of the biggest industries in the world and it is expected to reach the milestone of 65 billion US Dollars by 2023. Well, the numbers don’t seem to be shocking as we all know how influenced we are by the melodies of the music. If we look at today’s world there is too much competition in this industry. There are so many talented musicians who are very creative and innovative in every sense. They are working day and night to showcase their talent to the entire world. The music industry has seen drastic changes in the last decade since digital marketing trends have started to pop up. There are so many platforms through which artists can gain followers and show their talent to a large audience without any large investment.
The year 2020-2021 had been really hard for most industries. Similarly, during the period of Covid-19, many musicians and fans were left disheartened because almost all the concerts and shows were being canceled. There were many losses as tour merchandising, live appearances, and ticket sales make up a sizeable portion of revenue in the industry. But the world doesn’t stop and humans are known to find solutions to every problem. Using the new methods, the artists, marketing professionals, labels switched to the new methods of distributing and marketing.
So, observing a change in the trend of the music industry we at The Music Cart presents you with an informative blog on ‘How Digital Marketing Is Changing The Music Industry’.
Digital Marketing - A Big Opportunity for Music Industry
Facebook in August 2020 added another feature of Music in its Watch menu which allows the artists to upload a music video library to their page. This is a great feature and it has opened up the door for changes that will forever impact the music industry. But, How? Recently, in March 2021, Billboard announced that it will also consider Facebook video streams into its chart calculations but only from licensed music videos.
There is another trending app named “Tik Tok” which is currently dominating the music industry. With the help of this app, users can create innovative musical content and share it on the platform. Tik Tok has played an important role in the popularity of many viral songs by various newcomer artists and musicians. As this trend is nowhere to go many other apps have started out with the same concept. Instagram and Facebook have launched reels and YouTube has added a new feature called YouTube Shorts.
What does this mean?
Recently, Facebook is facing a set of challenges since Apple has updated its security features in the latest iOS 14 update. With the update, Facebooks and Instagram’s tracking and retargeting performance have been very much affected. Now the users will have an option to switch off the advanced retargeting features.
But the decision by Billboard to consider Facebook video streams for its global charts has come at the best time. Now the artists have a chance to reach a global community and their music can also appear in the Billboard Charts. Not only Facebook but the music professionals will also benefit from this decision. Those who already have a great fan following on the online platform will greatly benefit from it. Others, who know the benefit of social media can also benefit from it, but only if they adapt quickly.
What are artists and music marketers doing?
Recently, in order to advance the global artist lineup, Facebook’s data has been used by one of Billboard’s chart-topping music labels, Rich Music. To accelerate their social media presence, Dalex, one of the Rich Music label’s artists has joined hands with the Facebook Partnerships team. This is an excellent example of how other artists can also take advantage of such platforms:
- Content Distribution: Cross-distribute content on both channels but also expand your whole content from videos and photos to Facebook live sessions, teasers, and everything.
- Fan Engagement: One of the major game-changing moves for an Artist to gain attention is by engaging with their audience. An artist can create more organic connections by creating their own Facebook Group.
- Live Streams: The pause on concert tours and meet greet has given disappointment to the Die Hard Fans who had to sacrifice the urge to see their favorite artist. Well, thanks to features like Facebook Live where artists can have a quick chit-chat session with their fans.
After the implementation of these strategies, Dalex got to know that there is a rise of 248% and 110% in the number of followers and views on Facebook respectively than the previous year.
How it will benefit the consumers?
Despite this fact, the industry is still achieving milestones towards new directions. Tech companies like Twitch and interactive virtual reality have seen some changes like Facebooks’s Oculus is extending music into the metaverse. For instance, Facebook’s “Venues” project is going to let users enjoy a live concert on their Oculus headset.
How is Music Monetizable?
Monetizing music will be done with the help of Facebook and combining its other channels like Instagram, Messenger, Oculus, and WhatsApp. All of this together can allow for integrated marketing campaigns that can bring a change in the way we are currently doing music marketing.
Not only this but there are also many other ways to monetize the music marketing campaigns. As soon Billboard made its announcement, a week later there was news by the Rolling Stones that Kings of Leon would be releasing an album as a Non-Fungible Token (NFT) along with many other artists.
The thing about NFT is that it works on the blockchain. If you acquire an NFT you will have ownership of that particular digital asset. Let’s understand it from an example. NFT is just like that online ticket you buy for a concert, that proves you have acquired a space at the concert. Many famous celebrities have already started releasing goodies, singles, and albums through NFT’s. NFT is another method that would prove to be very important in bringing revenues to the music industry.
The Future of Music and Marketing?
The future of music and its marketing looks promising with so many possibilities. Digital Marketing is changing the Music Industry and since the world ended in the state of lockdown people have tried out various new methods to promote their music with the help of digital and social media platforms. You must have heard of artists doing Virtual concerts, selling digital assets, and merchandising. These are the future opportunities that all the brands will look up to which will also create various job opportunities in multiple markets.
The time is about to come when you will see an advertisement on Facebook about a virtual musical concert that you can enjoy on the Oculus headsets and on your mobile and laptops. You can easily purchase a ticket online and enjoy the virtual concert with your friends and family no matter where they stay or live. Once you attend this event then you all will be retargeted with ads on Facebook, Instagram, Messenger, and Watsapp for future concerts and related news. Also, it will create a whole world where you will experience cool things like interacting with artists, purchasing merchandise, and sharing with your friends.
Conclusion
The experiences that we have discussed above are very groundbreaking. Digital Marketing is Changing the Music Industry and in the coming future, there will be so many different ways to promote music. The wave of the digital era is massive and slowly every sector is immersing in it for their own benefit. Nowadays, it is better to be innovative and be updated with the new trends of social media platforms. Well, we can only debate on how the changes will appear to be in the future. Only time will tell how Music Industry will grow in the coming time.
