By: The BitMar Team.
Streaming has revolutionized the music industry, by changing the way in which people consume music. Prior to the rise of streaming services, music was primarily purchased, in physical formats – such, as: CDs, or vinyl records – or through digital downloads. However, with the advent of streaming, listeners are now able to access an almost-unlimited library of music, at their fingertips, for a fraction of the cost of purchasing individual albums.
According to the Recording Industry Association of America (RIAA), in 2020, streaming accounted for 83% of the music industry's revenue, with paid subscriptions to streaming services being the largest source of revenue. This shift, in revenue sources, has forced the industry to adapt to new business models; with record labels, and artists, relying more heavily on streaming revenue—and, less on traditional sales.
Streaming has also changed the way in which music is marketed, and promoted. Artists are now able to release music, independently, bypassing traditional gatekeepers—like: record labels, and radio stations. Social Media platforms – like: TikTok, and Instagram – have become important tools for artists; for building their following, and gaining exposure... with viral songs, and dance challenges, driving streams, and shaping popular culture.
However, streaming has also created new challenges, for the music industry. As streaming services have grown in popularity, the competition between them has intensified, leading to a race to offer the lowest prices, and the most exclusive content. This has led to concerns about artist compensation, with many musicians claiming that they are not being paid fairly, for their work.
In response to these concerns, some artists, and industry professionals, have advocated for changes to the way streaming revenue is distributed—such, as: increasing the royalties paid, per stream, and/or introducing a user-centric payment model. Others have argued that the problem is not with the streaming services, but with the overall structure of the music industry; and the power dynamic between artists, record labels, and streaming platforms.
Despite these challenges, there is no doubt that streaming has fundamentally changed the music industry; by democratizing access to music, and reshaping the way it is consumed, and distributed. As the industry continues to evolve, it will be interesting to see how artists, and businesses, adapt to the new landscape... while working together to ensure that all stakeholders are fairly compensated for their contributions.
Next-generation streaming platforms – like: BitMar – may provide you the most affordable form of on-demand streaming entertainment. BitMar provides all-in-one streaming service, for life, for a one-time payment. It can connect you to millions of on-demand movies, TV shows, channels, videos, and songs (from many different sources on the Web), on the screens that you already own. In fact, BitMar provides access to more movies, and TV shows, than: Cable, Satellite, Netflix, Disney Plus, Max/HBO Max, Amazon Prime Video, Apple TV+, Peacock, and Hulu – combined – and more songs, than: Pandora, Spotify, Amazon Prime Music, and Apple Music—combined. You may learn more, at: BitMar.com/.