The music streaming and music artist platform industry is anticipated to achieve a projected market size of $35.10 billion by 2028, highlighting its substantial potential for growth. With ongoing evolution and competition within the industry, let’s delve into five thrilling predictions for what we can anticipate from music streaming services in 2024.
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Monday, December 18th
1. Hyper-personalization
One major trend that has grown steadily in recent years is hyper-personalization on music streaming platforms. This trend is expected to become even more prominent in 2024.
As these platforms continue to use advanced artificial intelligence and machine learning, we can anticipate more initiatives like Spotify’s AI DJ and daylists across all music streaming services. These systems analyze your music preferences and consider factors such as your location, time of day, and current weather to give you the most accurate music recommendations.
2. Virtual reality (VR) and augmented reality (AR)
Virtual and augmented reality have already succeeded in gaming platforms like Roblox and Fortnite. In 2024, music streaming and artist platforms will likely adopt VR and AR by offering products and services incorporating these technologies. This integration will redefine how we experience music and blur the lines between physical and digital.
3. Blockchain and smart contracts
The music industry needs help to distribute royalties effectively, especially with the rise of music streaming services and AI-generated tracks. Could blockchain be the solution? It’s highly likely. By integrating non-fungible tokens into streaming platforms, we can establish transparent rights distribution and define digital ownership for all artists.
Moreover, secure smart contracts on the blockchain can streamline the distribution process, ensuring everyone receives their fair share of royalties. Implementing such a robust system will bring us closer to a more equitable royalty distribution in 2024.
4. High-quality streaming and spatial audio
As internet infrastructure improves, there will be a growing demand for high-fidelity streaming. In 2024, subscribers will likely expect more value for their money with lossless and spatial audio options.
Spatial audio, popularized by Dolby Atmos and Apple’s Spatial Audio, is already gaining traction. It’s only a matter of time before other music streaming platforms adopt this feature.
5. AI-assisted fan-created content
We can expect more fan-generated content on music streaming platforms thanks to user-friendly editing tools and AI assistance. In 2024, we predict that more fan-created content will gain popularity, blurring the boundaries between artists and fans.
Artists like Grimes have embraced this trend by allowing anyone to use their voice in songs and splitting the royalties equally. More artists will likely follow this approach in 2024.
This article is based on “The Future of Music Streaming: 5 Exciting Predictions for 2024“, published on aplifyyou.com
