The Music Industry in 2016: What We'd Like to See

IT'S 2016 PEOPLE

As most people (should) do, we've spent the beginning of the year evaluating the past one and looking toward the future. What worked? What didn't? Why did we make that terrible decision? What decisions turned out way better than we anticipated? 

We also think it's important to think high-level about our industry: how did the music industry change this past year? What is in motion to change? What isn't changing? 

And, we always like to dream big — bringing our pal idealism into the mix. 

What would we like to see happen in the music industry? 

If we didn't have dreamers, would anyone ever get off the couch and mobilize? Hell no. Change starts with seemingly far-fetched ideas.

Granted, we have to be sensible, so below is a list of what we'd love to see (no matter how unrealistic), along with some more pragmatic changes in the the 2016 music industry.

1. Streaming services with more powerful incentives.

We'd like to see streaming services incorporate more powerful listener incentives to encourage premium subscriptions within the freemium model (live streaming exclusive concerts, interviews, contest entries, etc.).

2. A streaming payout agreement between labels, artists, and tech companies.

Ideally one that strikes a balance between the value streaming services give consumers and the value artists deserve for their product. 

3. For the music industry to begin understanding that they aren't so different from other industries.

The music industry is much more like the tech and film industries than ever before, and we can learn all kinds of strategies from them. Everything from the art of good investment strategies to properly prepping for success should be emulated.

4. For the industry to become proactive.

The music industry is notoriously reactive — especially in the marketing realm. Let's get back on top of the beat.  

5. More focus on deluxe physical releases.

We'd love to see a bigger focus on deluxe physical releases for fans (vinyls that include hand-written lyrics and tickets to a show in the fan's city, etc.). 

6. To see the industry treat websites as a living organism.

An effective website requires cares and upkeep to become the robust sales funnel it should/could be. Growth-based design is key to consistent engagement. 

Read this blog for more on how to use your website correctly.

7. A globalized PRO to capitalize on streaming and licensing royalties. 

The amount of money being lost for creatives across borders is staggering. We need a global body that helps regulate these transactions and puts money back in the hands of the creators. 

8. For radio to pay performance royalties to artists. 

This is long overdue. We need action on this front to better compensate artists. 

9. To see further growth of independent music businesses.

We want indie labels and businesses to continue to grow by way of outsourcing and by developing an effective business collective around their artists.

10. The concepts of inbound marketing being implemented across the industry. 

Inbound marketing is the driving force of the modern online marketing, and the music industry has been slow in picking it up. It's time to realize the benefits this methodology could have for us. 

Read this blog for more on Inbound Marketing.

11. For Facebook to implement a better system of tracking video ownership and owed royalties (similar to Youtube's). 

The amount of miscredited videos on Facebook is unbelievable. There is virtually no accountability on proper attribution, and it is hurting creatives. 

Also, the fact that Facebook gives more reach to videos specifcally uploaded to Facebook only exacerbates the problem.

12. An update of antiquated sections in the U.S. Copyright Act.

 Songwriters should be able to receive royalties that reflect a fair market value for their intellectual property.

That's our list!

What would you like to see in 2016?

Comment below!