Within the music industry festivals play a really important part in influencing the music industry overall. This is because it provides a platform for new and upcoming artists to showcase their music.
Music festivals have been providing music to the masses for as long as we can remember. As well as memorable fashion trends and forgettable weather there has also been new artists and talent emerging as the result of music festivals.
Music festivals are increasingly important for new artists as each year music festivals are gaining more and more popularity due to the success of previous years that the festival has run. For example reading and Leeds festival often sees tickets sold out over short periods of time due to its popularity and the artists that are featuring at the event.
For new artists making a breakthrough doesn’t always happen overnight and so it is important that appearances can be made at independent venues as well as festivals in order to gain maximum exposure.
What Changes Are Facing The Music Industry?
The music industry is seeing a large number of changes in terms of services that are being provided. Services such as spotify have led to massive changes with how the music industry operates as a whole overall. Spotify has actually been boycotted by some artists due to the low amount of money they pay artists and their labels for each time their song is played.
Streaming services such as spotify have seen a significant rise in demand over recent years partly due to the increasing number of us listening to music online rather than buying music cds from the high street.
Are Music Retailers/Shops Adapting To This Change?
In some cases there have been some music shops that have coped fairly well with the large increase in demand for streaming services. However many have struggled and failed in the face or a music market that is becoming increasingly competitive.
One major brand which has seen massive cuts to its stores across the country is the audio electrical brand HMV. HMV went into administration around 2013 and it had to shut a number of its stores and make redundancies up and down the country in order to stay afloat. It was later taken over by a Hillco who invested money into the business to try and revive it.
One noticeable trend that has been emerging from the music industry has been the resurgence in popularity of vinyls. Increasingly consumers are looking for retro forms of music and vinyls have proved to be a big hit with some of the younger generations. Some artists and labels have cashed in on this by producing limited edition vinyls , However the market still remains predominantly dominated by music streaming services.
Overall to conclude there are a number of noticeable changes that have affected the music industry. Its clear that the industry is subject to change and artists as well as music labels need to be prepared to adapt to these changes.