Technological Evolution and New Monetization Models Reshaping the Music Industry
Summary:
In 2023, technological advancements like OpenAI's ChatGPT, Midjourney, and Dall-E transformed the music industry, enabling artists to become their own production units. Cherie Hu, founder of Water & Music, discussed these changes on the 19th episode of the podcast, The Agenda. The conversation centered on the industry's evolution, impacted by the pandemic and the advent of new technologies. The rise of Web3 has played a significant role in creating alternative monetizing models for digital music. Finally, Hu emphasized the untapped potential of sync licensing in multimedia experiences, particularly mobile games.
For artists, inquisitiveness is often the springboard to creativity and invention. The robust artificial intelligence tool ChatGPT by OpenAI experienced a surge in popularity in 2023. Technologies such as Midjourney and Dall-E have further empowered content creators to act as their own production entities. Water & Music is one platform that is striving to provide a research-based perspective to music industry professionals to explore and experiment with burgeoning technologies amidst rapid technological advancement.
On the 19th episode of the podcast The Agenda, hosts Ray Salmond and Jonathan DeYoung confer with Cherie Hu, who founded Water & Music. This institutional newsletter and research group seeks to foster innovation, collaboration, and transparency within the music industry.
Discussing the transformations reshaping the music industry, Hu noted that traditionally a select few have held the power. She predicted that this landscape would be altered due to the pandemic, advancement in technology, and potentially, the ideologies fuelling the Web3 movement.
Hu reflected on the impact of the pandemic, which forced people to reevaluate their standing and advocate for change. The reliance on digital income streams, as live concerts halted, triggered a wave of critical discussions about streaming among artists. The meager income from streaming led artists to consider alternative ways to earn in the digital world. The emergence of Web3 is a key player in these discussions.
Historically, entering the music industry necessitated connections or resources to create an impact and reach broader audiences. Hu opined that although some of this has not seen a drastic shift in the last few decades, new technology has provided opportunities for artists to carve a different path to success.
According to Hu, Water & Music aims to adopt an investigative approach to analyze how the music industry is adapting to these new technologies. The primary focus is on facilitating participation at all levels of the music industry from creation and marketing to building communities and monetizing efforts.
The influence of Web3 strategies in the music industry is also noticeable. Blockchain-powered gaming, non-fungible token collections, and other Web3 elements were trending in 2020 and 2021 during the rise of the wider crypto space. However, the real question lies in their current relevance to the music industry.
Despite gaming providing endless possibilities for creating experiences, Hu believes the monetization aspect still poses a challenge. This is particularly true for indie artists, as creating these spaces is labor-intensive. She points out sync licensing as a practical opportunity for artists.
Sync licensing is a music industry term for acquiring rights to use music in multimedia experiences like films, podcasts, or games. This approach may be particularly beneficial in the realm of mobile gaming, an area which, according to Hu, is yet to be extensively explored.
For more detailed insights from Hu's discussion on The Agenda, listeners can tune in to the full podcast episode on Cointelegraph's Podcasts page, Apple Podcasts, or Spotify. Cointelegraph's range of other shows is also available for listeners.
This piece aims to provide general information and should not be considered as investment or legal advice. The opinions expressed are solely the author's and do not necessarily align with those of Cointelegraph.
Published At
9/20/2023 12:20:00 PM
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