What Will the Music Business Look Like in 2020?
Posted by HLPAPG
Bobby Borg, author of Business Basics for Musicians, is back to give us some new insight on the music business! It’s impossible to actually know what the future holds for any of us, but in this blog post from Sonicbids, Bobby Borg has some predictions from music industry professionals.. Check them out below!
So, what can we expect in the year 2020? Let’s see what this group of attorneys, music publishers, managers, and music industry entrepreneurs had to say.
“Several trends have emerged and will continue to emerge as the music business evolves into a service-based business. More and more people are tuning in to all-you-can-listen streaming programs like Spotify and Rdio.
“In this same vein, younger fans want all of their content to be accessible on all of their devices, but do not care whether they own the content or not. They also want the opportunity to interact with the music they listen to, be it through remixes, mash-ups, or fan videos on YouTube. Unfortunately, our copyright laws are antiquated and do not allow these trends to develop.
“Over the next five to 10 years, I think we will see an overhaul of the United States’ copyright system. I also expect to see artists further expanding their brands into nontraditional revenue streams. Soon, fans will be able to surround themselves almost entirely with their favorite artists through branded products, multi-media projects, and other avenues we have not even begun to explore yet.” – Dina LaPolt, LaPolt Law, P.C.
2. Focus will shift to exciting music – not the latest technical trends
“Good music will always be the future, whether it be 2015, 2020, or 2025. When jazz arrived on the scene, it was controversial, exciting, and real – as was rock, rap, and EDM. It propelled the business forward and gave it life. But what’s next?
“The year 2020 must be marked by a new direction in music that shakes up the world and puts the focus back on the art and the creators – not on the latest technical trend. Who cares about downloads, streaming, or whatever new technology is invented? In 2020, music will shine again! Those who create something unique will thrive.” – Mike Gormley, LA Personal Management; former manager of the Bangles, Oingo Boingo, and Danny Elfman
Read the rest of the article over at Sonicbids.