By Robert Rochford and Robyn RochfieldIn a world where music is a global business, the internet is the most powerful tool that the industry has to disseminate its message, the music business is in dire straits.
But it’s not just the music world that’s facing problems.
A new study by the Oxford University Centre for Music Business Research finds that the music sector is facing a massive amount of uncertainty.
Its a world in which a vast number of musicians are in their 20s, and there is a clear perception that the digital revolution has transformed the way music is sold.
It’s also a world that is in which the music industries are still trying to find a way forward.
And that means that there’s no clear direction for the music music industry.
This is a sobering finding, says Dr Paul Tait, Professor of Music Business at Oxford.
“The internet is playing a critical role in the music market, but there are also concerns about the long-term viability of the music businesses.”
The big question is: what is driving this digital revolution?
“The study was conducted in conjunction with Oxford’s Centre for Creative Technologies and the Music Business Institute.
It looked at how the digital music industry operates, what the major players are doing to address the challenges, and what the next steps are for the industry.
What is driving digital music?
The report found that there are two main factors at play.
The first is that the way in which music is produced and sold is changing dramatically.”
This is changing the way that people listen to and download music, and the amount of content available on the internet has increased dramatically.””
As people get more sophisticated in the way they listen to music, there’s a huge shift from listening to music in the traditional way to using computers and the internet in a way that is more socially acceptable and connected.”
This is changing the way that people listen to and download music, and the amount of content available on the internet has increased dramatically.
“The second factor is that music is being digitised.
When you look at the music content that has been recorded, you find that digital content is much more popular, and that people are spending more time on music-related activities online.””
This is the result of the digital era,” says Tait.
“When you look at the music content that has been recorded, you find that digital content is much more popular, and that people are spending more time on music-related activities online.”
But what has been missing from the picture is the content that is created by people.
“So what does that content look like?”
“What has been absent from the landscape has been the creation of content that reflects and celebrates the music of people.”
This is where music can benefit from the internet, says Tiet.
“What I find fascinating about the music digital economy is that it is the creation and distribution of music that has had the greatest impact on how people experience music.”
The study also found that the main drivers of music are:The amount of time that people spend listening to content on the web.
“When people go online, they’re spending an average of 15 hours a day on websites,” says Professor Tait “But the amount that people pay for music is the same for people who spend less time listening to it.”
This means that music content is being produced and distributed on a much greater scale than ever before.
“For the most part, the companies that make music don’t make money off the music they create, because they’re trying to get as much revenue as they can.””
The answer is, they are not,” he says.
“For the most part, the companies that make music don’t make money off the music they create, because they’re trying to get as much revenue as they can.”
Music is the main driver of how much money is made online, and therefore how much is spent on music in general.
“We need to do a better job of recognising that music makes people happy.”
How are the music companies responding to this?
There are a number of ways that the major music companies are responding to the digital transition, says Prof Tait”We have to recognise that this is an incredibly significant shift in the economy and the way we interact with each other.”
And I think there’s an important opportunity for the business community to get involved in the process of recognisably connecting to the music community and the music audience.
“So, for example, we could make it clear that music and music content are two sides of the same coin, so it’s OK to listen to songs in your car without worrying about how much you’re paying for them, and you don’t have to worry about copyright infringement.”
But there are some challenges to this approach.
“There are going to be many challenges in the next three years, as digital technology continues to evolve and new platforms emerge, and music services and artists are able to engage with audiences and the people who listen to their music on these new platforms,” he adds.
“However, it’s also important that we take the time to identify where these new opportunities are, and where they can be leveraged.”
Music is not dead yetThe biggest challenge for the companies is figuring out how to