Spotify Introduces Spotify Talks in Asia
On the 5th of July 2017, Spotify organised the inaugural session of Spotify Talks in Singapore, a thought leadership session exploring the music landscape in Asia.
As music streaming platforms continue to transform the music ecosystem, Spotify is on a mission to encourage provocative thinking amongst music creators and listeners to help spark the right conversations on what is propelling this growth and what the future may hold for the industry.
The session featured a panel discussion on the topic ‘Looking Beyond the Music’ and explored the top five trends in the music scene:
Music Streaming is on the Path to World Domination
People are turning to streaming services to enjoy music and music streaming is revolutionising the experience of the music fan. Globally, streaming remains the industry’s fastest-growing revenue source. Streaming revenue grew 57 percent during the first half of 2016, and since then, all signs have pointed to continued growth. According to the IFPI Global report for 2017, digital revenues now account for 50 percent of total revenues.
What’s Trending – Instant Music?
The world is all about instantaneity – this concept is also influencing the way music is created. With analytics, labels now have information on how users react to tracks i.e. does it get skipped after a few seconds, at which point does the track lose its audience, and this is beginning to influence how writers and producers create songs.
Music is Going Beyond the Mainstream
In the past, mainstream music was very much driven by radio popularity. Today, users are driving and defining what mainstream music is. Spotify believes the listener is the true music expert, the person that knows their tastes and moods better than anyone. The data shows what users like and don’t like so Spotify is constantly adjusting and making changes to ensure its two billion playlists are representative of the fans listening.
Artists are Engaging with Fans Creatively
For newer/independent artists with limited resources, the emergence of digital has shifted the way they introduce their music to the world and interact with their fans. With over 140 million music lovers on Spotify, the company knows an artist’s next fan is already here no matter what kind of music they make. It’s just a matter of reaching them. Spotify works closely with labels and artists, providing them guidance on where their music is being streamed most at and helping them build their profile globally.
Streaming is no longer an idea of the future. It has changed the way artists and songs break, and is changing how people discover and listen to music. Connected, on-the- move music fans are dictating the pace of this change and this is where Spotify sees the music industry evolving into for the next few years.
Playlists are Curating the Future of Music
Spotify has over 30 million songs and playlists are a way for users to manage the music that is available at their fingertips. Accessibility to music on streaming platforms allow music fans to soundtrack their life by actively curating and creating their own playlists based on moments.
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