Riffing on the digital disruption of the music industry
January 30, 2020
Over the last couple of decades, digital technologies have transformed the music industry and are continuing to do so at a rapid pace. Music streaming contributes a large portion to the industry’s revenue, with tech giants like Spotify and Apple dominating this space.
These music platforms have embraced the power of machine learning to personalise and contextualise the customer experience, using our consumption data to train the algorithms. This technology has also helped cultivate the growth of artists and has allowed them to connect more closely with their audience.
We’ve come a long way since vinyl records! What’s next for the music industry?
In this episode, Gary Sinclair and Professor Theo Lynn from the Irish Institute of Digital Business lead us through the evolution of the music industry. They discuss:
• The drivers of the music industry transformation
• The battle of piracy
• The rise and fall of Napster, the first major peer to peer file sharing network
• The paradox of choice: why more choice and less curation can decrease engagement
• How streaming services and machine learning have revolutionised the way we consume music through recommendations and mood playlists
• Why music can evoke emotion and trigger specific memories
• AI-generated music as a form of disruption