Spotify and The Music Industry
The introduction of streaming services to the world has without doubt, changed the music business in nearly every way, and while it does have it’s negatives, it’s beyond crucial to the state of music today. Year after year streaming revenue continues to skyrocket. According to the IFPI(International Federation of the Phonographic Industry) music revenue has risen in double digit percentages every year since 2017. The curation of playlists have also increased streaming of songs drastically, which has in turn created better relationships between bands and their record labels. According to Spotify in the last 5 years the playlist “Your Discover Weekly” has had over 2.3 billion streaming hours across all listeners causing massive boosts in streams for smaller independent artists. Spotify also allows listeners to support their art without any payment necessary. According to Theverge.com, there are a total of 198 million active listeners every year without a premium subscription, allowing the financial aspect of buying a record or CD to not interfere with the listeners ability to listen and support the artist as a whole. The music industry has also adapted to advertising the access to an infinite amount of songs. According to the International Association of Music Business Research, people generally favour access to music rather than ownership. With more than 60,000 new songs uploaded every single day (businessofapps.com) Spotify allows users to accessa independent artist’s products at any time at the click of a button. While major labels do control 87% of major Spotify artists, the number of songs uploaded every day by independent artists allows smaller artists to grow their fanbase without the use of a major record label.
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