Music Industry Updates for 2024

Welcome to our guide on the exciting and ever-evolving world of the music industry! In this article, we will dive deep into the future and explore seven bold predictions for the music industry in 2024. Buckle up!

Table of Contents

1. Concert Ticket Prices
   
   
2. Growth of Live Sectors
   
   
3. Change in Music Royalties for Artists
   
   
4. Festivals Embrace Technological Advancements
   
   
5. Music Marketing Focuses on Superfans
   
   
6. The Changing Landscape of Physical Sales
   
   
7. The Rise of Independent Artists and Monetisation Platforms
   
   
8. Our Final Thoughts

Concert Ticket Prices

One thing that is unlikely to change in 2024 is the rising cost of concert tickets. According to Live Performance Australia's 2022 Ticket Attendance and Revenue Report, the live performance sector in Australia brought in $2.0 billion in income from ticket sales overall, up 195.7% from 2021 and 65.4% from 2019 (before the COVID-19 pandemic). Brace yourself, music lovers, for even higher prices in the coming months.

In America, according to a survey by Insuranks in 2023, the average spend on concert tickets is outrageous, with fans shelling out a mind-boggling average of $113 per ticket. As artists and venues strive to recover from the financial setbacks caused by the pandemic, ticket prices will continue to soar.

Growth of Live Sectors

While the live sector as a whole is expected to grow in 2024, smaller and medium-sized players will face significant challenges. Live Performance Australia CEO, Evelyn Richardson, warns that critical workforce shortages, soaring production and touring costs, shifts in audience behaviour, and the increasing cost of living will have a particularly acute impact on the small to medium-sized and not-for-profit companies in the industry.

As we continue to navigate the aftermath of the pandemic, it is crucial for these sectors to receive support and adapt their strategies to overcome the hurdles they face.

Change in Music Royalties for Artists

With global music streaming projected to reach a value of $35.1 billion by 2028, streaming giants Spotify and Apple Music are taking steps to increase the money paid to artists. Spotify plans to address key issues such as artificial streaming, fair payment distribution, and fraudulent practices within the system. Spotify recently faced heavy backlash on announcing that the threshold for artists to start receiving streaming royalties for their music, is only when the song crosses 1000 streams. This was their effort to cut down the increase in ‘noise’ due to the high number of tracks being uploaded to platforms like Spotify.

Apple Music, on the other hand, will focus on increasing royalties for streams produced in the Spatial Audio format. Despite initial scepticism, the format has gained popularity among consumers and has seen a significant rise in monthly plays. These efforts from both platforms are a step in the right direction towards creating a fairer and more sustainable music industry.

Festivals Embrace Technological Advancements

In 2024, festivals will be more than just music stages and food trucks. Technological advancements will take centre stage, enhancing the overall experience for festival-goers. Expect to see flying drones monitoring crowd size and movement, ensuring safety and security. Radio Frequency Identification (RFID) wristbands will continue to evolve, offering features like cashless payments, social media integration, and access control. Beyond just being a cool souvenir, the Coldplay concert’s LED Wristband is a dynamic piece of wearable technology. By blending RFID and attention-grabbing LED lights, it creates a captivating visual spectacle that elevates the entire concert experience, turning the audience into an active part of the show.

Augmented Reality (AR) will create immersive experiences, allowing festival attendees to explore metaverses, discover landmarks, and connect with friends. Several artists like the Weeknd and Travis Scott have hosted AR concerts over the past few years, having a largely positive response to them as well. 

Furthermore, expanding 5G connections in regional areas will improve mobile communication and enable acts to seamlessly integrate remote performances. The marriage of technology and music festivals will undoubtedly elevate the overall experience for fans.

Music Marketing Focuses on Superfans

Superfans hold a special place in the heart of the music industry, and in 2024, music marketing efforts will be directed towards building strong communities and offering exclusive privileges to these dedicated supporters. Brands will strive to create products and experiences that align with fans' identities and foster a sense of belonging.

Podcasts will continue to be a valuable marketing tool, with marketers recognising their ability to reach specific age groups and create loyal audiences. Additionally, platforms like TikTok will drive younger audiences towards podcasts, further expanding the reach of this medium.

The Changing Landscape of Physical Sales

While physical sales have declined for years, 2024 will see a shift in how physical music products are marketed and consumed. Vinyl records, in particular, will continue to experience a resurgence in popularity, driven by collectors and audiophiles who appreciate the tactile and nostalgic experience of owning physical music.

Music retailers will adapt by offering unique and limited-edition releases, bundled merchandise, and other enticing incentives to attract collectors and enthusiasts. The physical music market may be shrinking, but it will find new ways to thrive in the digital age.

The Rise of Independent Artists and Monetisation Platforms

2024 will be the year of the independent artist. With the rise of platforms like Patreon and other monetization tools, DIY musicians will have more opportunities than ever to fund their creative endeavours and connect directly with their fans. This power shift allows artists to retain control over their music while building sustainable careers outside of traditional label structures.

The music industry will also witness the democratisation of music production and distribution. Advancements in technology and the easy accessibility of home recording equipment will empower artists to create professional-quality music from the comfort of their own homes.

Our Final Thoughts

In conclusion, the music industry in 2024 will be a dynamic and transformative sector. From the rising costs of concert tickets to the increasing focus on superfans and the embrace of technology, these predictions paint a picture of an industry constantly evolving and adapting to new trends and challenges. As music lovers, let's embrace these changes and support the artists who bring us joy and inspiration. 

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