Developing a Forward-Looking Strategy for the Music Industry

The music industry has had many changes throughout the past few decades, but nobody could be prepared for Covid-19\u27s impact. Music artists have lost the ability to tour and play gigs due to the pandemic, leaving them without their primary stream of revenue. The purpose of this research is to develop forward-looking strategies for the music industry. Specifically, it seeks to answer these two research questions: What pain-points do music artists face in the industry as currently constructed, and what is the next mode of music consumption desired by consumers? Results from surveying music artists found that their major challenges included the devaluation of their music, unstable work, fan engagement, and self-promotion. In surveying music consumers, it was found that consumers enjoy music streaming in its current state and are not looking for new modes of consumption, just cheaper prices. It was also found that consumers have an increased desire to attend live music events due to the pandemic. Additionally, consumers seem extremely disinterested in non-fungible-tokens (NFTs). These findings were what I expected for the most part. Consumers are locked into streaming and would need something that delivers the same experience for less if they were to switch to a new mode of consumption. To prepare for the industry\u27s future music artists should be mass marketing their protests against Spotify to bring awareness to the damage the company is doing. Additionally, music artists should begin framing NFTs as donations so they can maintain income while they are unable to find work