Business Entertainment Management Essay

Question:

Discuss about the Business Entertainment Management.

Answer:

Discussion:

As the technology accelerated, transformation of the music industry has become evident. Significant changes have already been noticed in the music industry due to rise of streaming, proliferation of digital distribution along with marginalization of terrestrial radio. The emergence of cloud based music personalized with artificial intelligence fed by big data with the emergence of new distribution channels like the social media (Rosso 2016). Live music has given scope to many to become musicians and singers. There are several platforms available such as YouTube or Vevo for these enthusiasts to portray their talent. They are being able to engage with their fans and make more audiences. The issues related to the compatibility of the different mode of transmission were also resolved and things were started to available rather free of cost (Arthur 2015). This created great challenge for the music industry.

Live streaming has changed the concept of how the music industry used to run. Talented people have found it easier for them to present their talent to others. These artists believe that the royal structure of the music industry has always devalued their talent and blocked them to become professional musicians (Wall 2014). This argument is not new. Many artists feel that big brands and labels often take their advantage and increase their profit whereas the artists are not given the actual value that they deserve. The streaming companies are coming up with better innovations and options to the consumers than ever before. Any consumer owning any kind of smart device like the Smart phone or a tablet would be able to become a part of the live streaming. These musicians are helping to build the business of YouTube and themselves also earning money with the increase in ‘likes’ of their video (Bpi.co.uk 2017). This can be regarded as the start of a new business.

Recently, it has been observed that that paid streaming service has been launched and has been growing as well. This has helped in increasing the revenue of the music industry and the revenue has pulled in over $1 billion from the paid streaming subscribers in 2016 (Rosso 2016). This is definitely a positive take on the future of the music industry. Music, considered as the Universal language has seen lots of changes in its distribution. Radio, the most commonly way of listening music has been transformed into CDs, downloads and more (Wall 2014). The music industry has always been skeptical on the potential digital platform and has always considered the internet as the enemy of the industry. The issues of digital rights management and using compatible device have been universally accepted. The concept of ownership has changed drastically (Bpi.co.uk 2017). However, with certain legal approaches it has also been evident that positive approaches have been made to keep the music industry alive and in a healthy and profitable condition. Thus, even with such threat, the future of music industry can still found to be bright and alive. Therefore, the future of music industry is positive.

References:

Arthur, C., 2015 Streaming: the future of the music industry, or its nightmare? Available at: [Accessed on: 15-4-2017]

Bpi.co.uk 2017 Music’s smart future: the impact of AI on the future of the music industry Available at: [Accessed on: 15-4-2017]

Rosso, C., 2016 The Music Industry in 2026 – Technology and Trends Changing the Future of Music Available at: [Accessed on: 15-4-2017]

Wall, M., 2014 Is streaming technology saving the music industry? Available at: [Accessed on: 15-4-2017]

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