The Music Industry

In the last 15 years of the music industry, we've been witness to a boom in diversity of music from across many genres and from different countries across the globe. With this being said, I think that this pattern will continue to follow as this increase in diversity is seen in not only in the music industry but also in film, television, and others. An element that I believe greatly contributed to this is the popularization and use of streaming platforms for music. In the IFPI article, it is reported that over 67% of the global revenue comes from streaming services with a 11% growth in subscription streaming revenue. 

With a large number of consumers accessing streaming services, we can see this reflected in revenue growth for different countries in regards to music. One example being that the IFPI reports a growth of 19% in Latin American revenues. In one instance, we see a growth of 18% in Mexico's revenue which is largely attributed to the use of streaming services. 

This is not to say that the use of streaming service is the only manner in which consumers listen to music. Although to a lesser degree, physical copies like vinyl and CDs are still being purchased by fans. On a global scale, the sales of music in physical format make up 13% in global revenue. Most notably, Asia makes up about 49% of the global revenue in physical format largely due to sales from the K-pop genre. This is because the K-pop industry promotes to their fan bases the sales of physical copies with presale or limited edition exclusives, like photocards and posters, that can be collectables. This engagement works well in their favor for both their Korean and International fans across the globe. In 2023, four K-pop groups made it to the top ten IFPI Global Artist Charts. And in the IFPI Global Album Chart of 2023, five of the top ten albums were from K-pop groups. 

Active engagement with an artist's fan base is crucial to continue to promote new music, albums, and experiences. As more artists make moves to engage with their creativity, art, and their interests, they look for ways to elevate and create new music experiences for their fans. An amazing example of this is the collaboration of Iniko and Fortnite to create a unique and immersive in-game experience through the use of Sony’s virtual production stage and Epic Game's Unreal Engine. This collaboration created a unique limited time level for Fortnite players and Iniko fans alike.

It's evident that through the use of streaming platforms and active fan base engagement, the music industry will continue to grow. But more importantly, it will continue to grow in a way that embodies the diverse genres and musicians from countries across the globe.