We have reached the milestone for social music
Recently, we have witnessed 3 vital developments that together are a milestone for social music:
- TikTok on verge of buying a share (US-entity) to prevent possible sanctions supporting hot on wheels of an India blackout.
- Facebook released US-only YouTube competitor especially for music videos.
- Snap Inc also signed a deal with WMG and many others for music videos.
As splits start appearing in the audio streaming sector there is a sense of development in the music industry to have plan B.
It has been moved by increasing discontent in the creator community and decline in revenue growth.
The hunt for new heightening drivers continues and social music which is among the unfulfilled promise in the West is one of the challenges.
TikTok was considered a crucial part of that challenge. Now, looking at the COVID-19 impact the music industry deliberately needs music to bring in the change.
Three critical issues at risk are:
- The way consumers explore music.
- How consumers especially younger lot show engagement in music.
- Competing with YouTube.
The way consumers explore music
Among the age group below 35, YouTube seems to be the main music channel along with music streaming. Next is the radio and then comes social music.
Streaming discovery has changed towards playlists, tracks, and moving away from release projects and artists and this is all right for streaming platforms but can obstruct the careers of artists.
Radio is certainly losing its audience. So, the music industry now needs to look for a growing driver.
How consumers especially younger lot show engagement in music
As far as TikTok is considered, it is not consistent in marketing contribution it builds up in consumption. TikTok has put in efforts to know how music can become an integral element of social experiences, especially for young audiences. Hence, it has created music quite a relevant and crucial part of the interaction.
Competing with YouTube
As per the trending news from the music industry, Facebook and Snap Inc have collaborated. They are focused on creating competition rather than making revenue.
Image by Gerd Altmann from Pixabay