Spotify’s $8 Billion Valuation and What It Means For Music Streaming
Social media marketing is an indispensable tool in the arsenal of any business or brand looking to boost their advertising efforts, and position their business for exponential growth. One industry that relies heavily on the use of online social marketing is that of the music industry. Both independent and major label music business stakeholders are getting in on the act — making the revelation that Spotify is currently valued at 8 billion U.S. dollars that much more significant.
A Changing Of the Guard: The Effect Of Streaming On Today’s Music Industry As A Revenue Generator
To say that social technology has transformed the promotional and revenue generation landscape for all music business practitioners and stakeholders — including artists, labels and the consumer — is an understatement. In times past, earnings from any given record were generated by sales of the record in stores and, of course, through artist appearances and concerts. While, it is true that these avenues still exist (especially where concerts, touring and appearances are concerned), it is also true that this no longer represents the status quo for garnering listenership, generating buzz, and increasing revenue. Spotify‘s recent valuation in a very real way represents a changing of the guard.
The way label execs and artists earn from music is different due in large part to changes in consumer behavior. Technology has allowed for music to be a lot more portable and accessible through any given SM platform. Music today is quite literally at the fingertips of the consumer by way of streaming. In many ways, this is a new music industry. As such, those who wish to compete in this new music industry will have to learn the art of social media marketing, thereby capitalizing on this new dynamic of music streaming.
Taking the Next Step
If you have no idea where to start to begin capitalizing on the benefits of having your music streamed online and shared on a preferred platform, then partnering with a qualified social media marketing Houston practitioner is a good place to start. Your Houston firm will be able to provide you with the tools needed to see the growth you desire. Get started today.