The Impact of Music Streaming on the Music Industry: Challenges and Opportunities for Independent Artists
Independent music artists have a fantastic opportunity to reach millions of listeners thanks to streaming services. It has revolutionized the way how we listen to music. The majority of people now consume music via streaming services like Tidal, Apple Music, and Spotify. While streaming has been given independent music artists new opportunities, it has also presented significant difficulties for them. In this blog, we'll explore the challenges and opportunities music streaming brings for independent music artists.
Most famous streaming platforms
The introduction of music streaming has given music lovers an opportunity to listen to a virtually limitless selection of songs without ever needing to purchase a physical or digital copy. Some of the most famous music streaming platforms where millions of music lovers consume music are Spotify, Apple Music, Sound Cloud, Tidal, Amazon Music Unlimited, Pandora, YouTube Music, iHeartRadio, LiveXLive, Quobuz, and more. You can get your music uploaded on any of these streaming platforms, and music lovers from all over the world can listen to you
Pros of music streaming for independent music artists
- Offers an equal footing with major label artists
One of the main benefits of music streaming for independent music artists is that it offers a level playing field. A few years back, major record labels used to have a lot of power in the music industry. They decided what music to release and promote. But now, streaming platforms have given aspiring music artists like you the opportunity to compete on an equal footing with artists from major labels. As a result, music artists who might not have had access to a major label's resources and marketing power can still reach a sizable audience.
- Helps in building a fan base on their own
With music streaming, connecting with fans has become simpler. Streaming services provide tools like playlists and personalized recommendations that can help you get your music in front of new listeners who might not have found it otherwise. Additionally, social media platforms present new chances for independent music artists to interact with their fans directly, gaining a devoted fan base and fostering a sense of community around their music.
It also helps you gain a larger fan base around the world
- Is an alternative source of revenue
Music streaming platform is a new source of revenue for independent music artists. In the past, touring and album sales were the main sources of income for music artists. But with streaming, you can now get paid every time your music is listened to on a website, such as Spotify, Tidal and others. Despite the low per-stream rate, as an independent music artist, you can generate a sizable amount of income from streaming due to the sheer volume of streams that can be produced.
Cons of music streaming for independent music artists
- The low payout for music artists
While streaming has made music distribution easier for independent music artists, these platforms pay low royalties. Neither do they clearly state how they pay their music artists. It is estimated that Spotify on average pay a mere $0.004 a stream. This is indeed very low. As for making one dollar, you will need around 250 streams. For independent artists who are not signed to a record label, this can make it challenging for them to make enough money to support themselves.
The use of computer algorithms in streaming services has become more prevalent as the music industry continues to move into the online space. These algorithms are used by streaming platforms to create customized playlists for people and to make song recommendations based on their past preferences. They keep receiving more of the same genres of music as the algorithm continues to learn their listening habits.
This can be devastating for a new music artist whose music a music lover might have liked but will never hear because it doesn't fit with what he or she regularly listens to.
- Lesser-known music artists suffer
Less well-known artists suffer because the playing field favor more well-known artists and the pay system is designed for people who get a lot of attention.
There has never been a better time for upcoming music artists to perform in front of as many people as is currently feasible. However, because of the way the system is set up, the majority of aspiring music artists go entirely unnoticed.
To get recognized on these streaming platforms, as a music artist, you need to create the buzz and develop a devoted following for yourself.
Thus, the music industry has been significantly impacted by music streaming. While it poses significant challenges for independent music artists, it has also created new opportunities for them. As an independent music artist, you can now reach a global audience and build a fan base on your own, besides earning some revenue.
MIX Recording Studio , the best recording studio in Los Angeles, helps aspiring music artists in music production. We offer a rental studio, recording sessions, mixing and mastering services, and professional videography and photography. We help you produce music of professional caliber.