2023 has been a busy year for the music streaming and music tech sectors, and as things stand, that growth will continue in 2024.
The music streaming and music artist platform industry is expected to reach a market size of $35.1 billion by 2028. Love it or hate it, music streaming services have proven that this business model is here to stay. In addition, like other services in the music industry, the music platform is constantly rolling out new features and updates to stay ahead of the market.
So, what should we expect from music streaming platforms in 2024? Here are the top five predictions:
Recommendation mechanism: hyper-personalization
The "hyper-personalization trend" on all music streaming platforms has been on the rise steadily in recent years and is likely to be in full bloom in 2024.
As these platforms continue to use AI and algorithms to fine-tune their recommendation mechanisms, we expect to see more schedules like Spotify's AI-powered DJs and music streaming services. These systems not only analyze the user's music taste, but also take into account the user's location, time, current weather, and more in order to provide the most accurate music recommendations.
Virtual Reality (VR) and Augmented Reality (AR)
Virtual reality and augmented reality have already achieved great success on gaming platforms such as Roblox and Fortnite.
In 2024, music streaming and musician platforms are likely to embrace virtual reality and augmented reality by offering products and services that integrate VR or AR. This integration will not only redefine the way we experience music, but also the so-called "physical" and "digital" worlds.
Blockchain and smart contracts
The music industry has long struggled with copyright distribution. With the rise of music streaming services, complex payment models and the proliferation of musicians on the platform have exacerbated this problem. However, with the development of AI and AI-generated tracks, this issue has become even more urgent.
Can blockchain solve this problem? Quite possibly. The integration of NFTs into streaming service systems can serve as a way to define digital ownership and enable transparent distribution of rights for all musicians.
In addition, smart contracts based on secure blockchains can be an effective way to ensure a transparent distribution process, where each stakeholder can track the full amount of royalties due. Introducing such a robust system will ensure that we are closer to a fairer royalty distribution system in 2024.
High-fidelity streaming and spatial audio
As the Internet infrastructure continues to evolve at a rapid pace, the demand for high-fidelity streaming will become more mainstream. With the price of music streaming platform subscriptions rising, users are likely to want more with lossless and spatial audio in 2024.
Dolby Atmos and Apple's spatial audio have popularized spatial audio. So, it's only a matter of time before other music streaming platforms adopt this feature as well. (Review: Spatial Audio: The Choice of Eighty Percent of Apple Music Users, Huawei's Entry Brings New Increments|Annual Review)
AI assists fans in generating more content
As editing tools and AI-assisted tools become more accessible, we are likely to see more fan-generated content appearing on music streaming platforms. In 2024, we predict that more fan-generated content will go viral, and the lines between artists and fans will become more blurred.
Pioneering artists like Grimes have embraced this, with musicians allowing anyone to use their voices, as long as they split the royalties they earn.
Will more artists follow Grimes' path in 2024?
Reference source: Hypebot
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