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The remaking of the music industry

The fundamentals of the music business are rapidly changing as the industry enters a new decade of growth. Mark Mulligan, music media analyst, tells us where the market is heading.

 

The music business is constantly reinventing itself. Mark Mulligan, managing director at MIDia Research, talks to the audience through an online call, bringing us the latest data and insight on big changes of the music business. 

Youtube is still, across all markets, whether it be in North America, Asia or Africa, the biggest winner in the shift to streaming. Spotify comes in as a close second, however, for Mulligan, this does not mean that this platform will become the major innovator in the business. “We are beginning to see a community of creators emerge”, he says of Tik Tok, a new platform that combines music and user created videos. This app is known to have launched some musicians' careers and is definitely going to change the culture of the music business as we know it. “Music streaming is facing fierce competition for attention from other music and audio formats.” 

In the future, these shifts will see creator tools platforms becoming more influential, platforms like Garageband and Bandlab. “These are the next generation of music. The future of the music company is this”, Mark adds.

Written by: Beatriz Valente and Francisco Sezinando