(Hypebot) – Hypebot readers know Jay Gilbert as the co-host of the Music Business Weekly and Your Morning Coffee podcasts, but he’s also an industry veteran and highly respected music marketing guru.
Here are Jay Gilbert’s predictions for the music industry next year.
By Jay Gilbert of Label logic and Your morning coffee
COVER ART COMES TO LIFE
Motion graphics for track and album covers will grow in popularity as artists explore the medium. Apple recently announced that it added animated album art with iOS 14.3 and macOS Big Sur 11.1. Apple published “Album motion brings your album art to life. Motion artwork provides a richer experience for your audience by helping to set the mood or accentuate the concept of an album, before anyone presses play. .
ARE YOU EXPERIENCED?
More and more artists are getting into the game of experiments. Obvious things like Patreon, Cameo, OnlyFans, and Thrillz.co.uk generate significant revenue, but artists get more creative with direct-to-fan offerings, for example:
- Write a song with/for you
- Record a song for you
- Play on your recording
- Handwritten/signed lyrics
- Purchase of records with the artist
- Private Zoom Sessions (private and with groups)
- music lessons
- Play D&D with you
- Dinner with the artist
- House concert
“IT’S NOT A MATTER OF MONEY… IT’S A MATTER OF MONEY”
It’s the BUSINESS of music, so developing and middle-class artists will continue to struggle to generate meaningful revenue from sales and streams alone. More emphasis will be placed on innovation in areas such as:
• Tip. Support artists with virtual goods purchases and creative ways to “tip”.
• Here is a good example of a creative tip Where is Walden, the band, offers fans the option to “Give the band a tank of gas”, “Give the band a place to stay” and “Give the band a meal”.
• Music streaming platform Audiomack recently launched a feature that allows fans to fund artists directly by purchasing “support badges” for song and album releases.
- Premium Vinyl
- Live broadcasts
- To sychronize
- Brand partnerships
- Social media and UGC monetization
THE BACK DOOR
Artists will continue to find success in audience growth outside of the traditional label ecosystem. Platforms like Twitch, TikTok, Peloton etc will launch and support more music careers. Gaming platforms like Roblox will continue to bring new meaning to “go where the party is”.
Songwriters finally get paid
Songwriters are not paid when their work is played on radio in the United States. People like Blake Morgan are on a mission to change that with #IRespetMusic and the American Music Fairness Act.
The Copyright Board (CRB) sets the rate that DSPs pay publishers/songwriters (the CRB3 rate was set at 15.1% until 2022, but Spotify and Amazon are still appealing this decision). The CRB4 is already heating up and will come into force from 2023 to 2027.
The National Music Publishers Association (NMPA) fights to attract more songwriters. DSPs fight to pay less.
THE GOLD RUSH MATURES
I predict some surprising deals from music IP investment and song management companies like Hipgnosis, KKR, BMG, primary wave etc This side of the business is just starting to heat up and isn’t just about heritage artists.
• NFT become standard practice for track and album release cycles. I think you’ll start to see fewer standalone big ticket drops and more mainstream NFTs to complement the releases.
• Seek more virtual artist streaming releases and hits. The technology to bring these artists into the live concert world is there. Who will take this to the next level?