How technology integration will take the music industry to the next level?

Roads? Where we’re going, we don’t need roads. Thanks to Back To The Future, the sheer imagination that leaped from the screen into our minds represented a taste of things to come in the next few decades. Okay, so we have not really cracked time travel yet, but we are getting close to becoming an interplanetary species. Technology drives us all forward, and hence, its rapid adoption is inevitable. We are ordering everything we need online, being driven around in autonomous cars and communicating with each other like never before.

The same is true of the music industry as well. While the digital recorder and subsequent advances in sound engineering have already revolutionised the music industry, we are also observing a heightened awareness and development of tools aimed at the creator economy. People have been able to identify various gaps that can be filled with the help of technology, and thus begins a new era of revolution in the music industry. TikTok and platforms of the same ilk have enabled the creator economy like never before. From a mere 3-4% participation rate in creating long form videos to about 30% for short form videos, creators online have multiplied like never before. Even so, the rest of the 70% remains unlocked and there to be tapped. We come across many people passionate about music but have little understanding or know-how of how to bring their ideas to life. There is a vast opportunity and role that these technologies can play in making this possible. With the onset of human computer interfaces that assume zero familiarity with any musical instrument, and those that are controlled by thoughts, there is very little that comes in the way of ‘publishing’ that musical concoction in your neurons!

Web3 can be simplistically defined as “the internet owned by the builders and users, orchestrated with tokens.” This has opened huge avenues for income and expression for people and has introduced a new digital culture. We must understand that sources of income for current creators are skewed. Resources will always be short in a world that allows loans for STEM education but not for studying or learning music. Web3 holds the potential to help early adopters and creators with a more accessible platform to spread impact, influence and income. Web3 apps allow creators, musicians included, to monetize their art directly without relying on traditional media that might be skewed towards the established artists. Coupling the power to monetize with the immense reach that social media platforms provide, we are looking at a potentially limitless audience for artists that have been constricted to hitherto local confines.

Art, music, and culture play an essential role in bringing people together. Music transcends genres, age, gender, and geography and establishes strong social connections and tribalism. Web3 technology can be the link that creators need to tap audiences worldwide and create pockets of influence that even mainstream artists would struggle to achieve. This brings us to the Metaverse. Imagine artists being able to collaborate virtually, create better content and thus offer their patrons on-demand entertainment. Budding artists can host meta-concerts for people to experience original art and increase their sphere of influence. The possibilities are nearly endless.

There is a speaker, camera and voice recorder in everyone’s pocket these days. With ubiquitous access, everyone is potentially a creator who can express their skills, such as singing, music or performance art, through platforms with democratized access. The real winner in all of this is the consumer, constantly looking for original thought, creativity and entertainment. The Metaverse enables a synergy and immersive experience that creates a lasting impression. You can be virtually present at a jam session of your favorite artists around the world on a Thursday evening without having to leave your home.

Trends like hyper-personalization, cross-platform availability, and digitally savvy perception are already dominating the music landscape. Artists have to master the art to leverage this technology themselves. Of course, the personal touch and art that is original, thoughtful and profound will always be in demand, and technology cannot replace this for the user experience. We are already amid a mini-revolution where music is not just consumed but an active element in the way millions of people express themselves on social media. Understanding subtle user nuances like this can open up great avenues for artists.

Technology also comes with a set of unique challenges. Artists and users alike will have to be aware and educate themselves on copyright laws, creative licenses and the ethical way to collaborate. The more doors technology opens up, the more we might observe IP conflicts and artist creativity infringement that the industry must come together to tackle.

It is also essential to keep it simple for consumers. Multiple apps that fracture the consumption experience can create challenges for consumers (think about Joe Rogan taking his podcast behind a paywall). It has the potential to alienate loyal audiences and totally eliminate reach in some cases. Simple, all-in-one platforms that allow users to consume, express and participate will eventually win the war of numbers. Platform creators must look at human and technology integration through multiple lenses to understand user behavior and create platforms that unify and provide an exhilarating music experience.

In 16th Century Europe, humanity witnessed the Rennaissance of art, culture, science and literature because the Medici family provided adequate patronage to artists, scientists and philosophers to collaborate and learn from each other. With technology as the modern Medici, artists from various domains must come together to create differentiated yet seamless experiences for an audience hungry for more. Marty McFly of 1985 would be suitably impressed with the ongoing revolution in the music industry had he visited 2022. I can imagine him rambling to Dr. Brown on his return to 1985 about how everyone carries a world of entertainment with them everywhere (instead of skateboards), and everyone is an artist in their own right. Exciting times ahead!

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