5 Music Industry Predictions for 2021
There is no doubt that 2020 has impacted many different industries, from restaurants to retail, and among the sectors influenced by the global pandemic is the music industry. In 2020, revenue brought in by live music ticket sales and sponsorships fell by 64 percent. In dollars, that equates to an $18 billion loss in the international concert industry.
Furthermore, artists had to revise how they write and record music, interact with fans and even perform. We’re all rooting for 2021 to be better than the year before, arming ourselves with “hindsight is 2020” jokes to ease the pain of a year where a lot was lost. But it’s not all bad news. Music industry predictions for 2021 say that music, live music, in particular, will be on the rebound in the new year. Experts predict that international revenues will grow by 82.6 percent, boosting numbers from $10.4 billion to $19 billion. It’s enough to make you break out your lighters in celebration!
We have some music industry predictions of our own that we’d love to share. So, read on to learn about how we think the music industry will evolve in 2021.
The Continued Rise of Virtual Concert Experiences
With COVID-19 continuing to surge and the CDC’s prediction that it will likely be summer before 75 percent of the U.S. population is vaccinated, this leaves the future of large crowd concert venues up in the air. We predict that virtual concert experiences will dominate the music scene in the first part of the year as businesses regain their footing.
Why? The introduction of virtual concerts as a response to physical venues having to close their doors has enabled artists to reach more fans simultaneously, redefining what it means to have a shared experience. For fans, virtual concerts allow them to revisit those special moments and bask in the concert experience just a little longer, as most shows can be replayed.
Indie Artists Are Taking Over
Isolation breeds creativity, and for many artists, the cycle of stay-at-home-orders has led to an abundance of writing and recording new music. One demographic of artists in particular has immensely benefited from quarantine: independent artists. They are finding new ways to get in front of larger audiences through different channels, including social media. Platforms like Tik Tok, Instagram, and YouTube are the weapon of choice to help them grab new listeners’ attention and grow their fanbases.
Because of its success, this music marketing method will continue to be a mainstay in the music industry throughout 2021. We predict that independent artists will continue to find more innovative ways to break into the industry, and there will be a surge of “new artists to watch” on favorite music blogs.
Alexa Is Changing the Way We Consume Music
The integration of voice assistants like the Echo Dot or the HomePod is changing how we listen to music. In a pre-Alexa and Siri world, listening to curated playlists or clumsily searching and toggling between songs as you glide down the interstate (don’t ask us how we know) were the only way to create a mood with music. Nowadays, you can tell your home assistance your mood or ask it to play a choice song, and it will do it, creating impromptu playlists and vibes at the drop of a hat.
One of our music industry predictions for 2021 is that this voice assistant-led music experience trend will continue and evolve. Because of these growing relationships with our virtual assistants, the concept of an album or a playlist is shifting. Users are becoming less concerned about media brands or the visuals, and the new task of the music industry to create the same listening experience in a new realm.
The Return of Live Music
We’re utterly optimistic that live music will return to our lives in the latter half of 2021. Although it’s more wishful thinking, we are claiming live music as one of our music industry predictions for 2021. Fans and artists alike are itching to get back to the energy and atmosphere that only an in-person concert experience can bring. This eagerness to return to a traditional concert-going experience has influenced music industry trends, and the new year will bring new possibilities and spark unknown amounts of creativity.
Artists can incorporate some of the many touring avenues they’ve used throughout the pandemic to create a memorable concert experience and ease back into large venue shows as the world reopens in 2021. A few options include drive-in shows, at-home live streams, and having multiple socially distanced or reduced audience shows.
More Collaborations Between Different Media
Another one of our music industry predictions for 2021 is more collaborations between different forms of media. Creative industries like music, fashion, video games, and film have been joining forces throughout 2020, creating the blueprint for new ways music and other media can redefine the industry. The results have been exciting, and we believe there will be no shortage of it in the new year, from media-mashing shows like “In the Mix with Matt FX” to the uptick in entertainment-driven food shows like “Binging with Babish” or First We Feast’s “Hot Ones.”
Earlier in 2020, Houston rapper Travis Scott collaborated with popular video game Fortnite for his ‘Astronomical’ event, where players could attend a short, in-game concert put on by a larger-than-life digital Scott. The event reportedly grossed $20 million and has sparked countless other media melding with artists, including Marshmello, Dominic Fike, and J Balvin. Additionally, R&B singer Rihanna launching her lingerie and underwear line Savage x Fenty.
Mirada Media
Based on our music industry predictions for 2021, the future of music looks promising and on track to produce incredible things. Throughout the new year, we’ll be sure to check and see how our predictions fair. Another prediction our team at Mirada Media would like to make is that the music industry will see a decrease in the number of leaked music incidents.
One way we aim to make that a reality is with our SecureMedia API. Incidents like these are an invasion of privacy and the worst fear of many in the entertainment industry. With SecureMedia, your media and sensitive documents are encrypted, ensuring that your hard work doesn’t fall into the wrong hands.
If you’re interested in learning more about SecureMedia or any of our services for independent artists, contact our team today!