Just like DIY home music recording tools and music composition software, music streaming platforms have revolutionized the world of music. They have played a huge role in pulling the music industry from the clutches of piracy and putting it back on the path of growth. In April of 2018, Spotify became a publicly traded company. This signifies how important music streaming platforms have become for most of the stakeholders of today’s music industry.
However, when it comes to music artists, music streaming platforms divide opinions. While some artists see music streaming platforms as a quick and easy ways to put their music in front of audiences, others claim that streaming platforms have saturated the music industry, making it difficult for music artists to get noticed. This debate regarding music streaming has given rise to a number of myths. Let’s debunk a few!
There’s No Money in Streaming
Wrong! In fact, there’s a lot of money to be made from music streaming, especially for artists who own all of their sound recording and publishing rights. There is a reason why there are millions of artists on popular streaming platforms such as Spotify. For example, Grammy nominated act Tycho earn more than half of their revenues through Spotify. Furthermore, if your music manages to find its way to prominent playlist, the financial rewards are huge. An example of this is independent artist Perrin Lamb, whose song “Everyone’s got Something” got featured on a popular playlist and earned him more than $40,000.
Streaming killed off the Album
Wrong again. It was illegal downloads that killed off the album. In fact, it can be argued that streaming has tried to revive the album. Although streaming platforms mainly focus on organizing playlists by track, listeners don’t have to pay any extra charges to explore an artists’ entire catalogue.
Physical Records & CD’s will come back into Fashion
You get to hear this often from people who grew up listening to CDs and physical records. Nostalgia is understandable. However, the world is moving forward and the newer generation doesn’t miss vinyl and CDs nor do they need them. It’s the music that’s important, not the shiny round objects it’s delivered in.
All Streaming Services are basically the same
This is understandable as all streaming services have the same underlying concept: look up a song, stream it. However there are distinct differences between streaming platforms. For example, Pandora Premium tries to figure out the listener’s preferences and provides a song selection accordingly, whereas Spotify relies on a data-heavy system which encourages listeners to make their own playlists.