The music industry has undergone a monumental transformation with the advent of Peer-to-peer (P2P) file-sharing and streaming services. While some may perceive the industry to be on shaky ground, a simple Google search for the phrase “Napster killed the music industry” reveals an overwhelming 242,000 results. However, the reality is far from dire. In fact, the music industry has been experiencing healthy growth since 2013, with global revenue projected to surpass an impressive $65 billion by the end of 2023.
It is undeniable that the music business can be an uneven playing field. Legendary icons such as Paul McCartney, Jay-Z, and Madonna have ascended to unimaginable wealth and fame. Yet, for every superstar, there are countless talented artists who remain undiscovered, struggling to break through the noise. According to Next Big Sound, an online music analytics and insights provider, approximately 50 percent of the artists they track fall into the category of “undiscovered.” These artists possess small and often diminishing social followings, minimal views on platforms like Vevo and YouTube, and receive little to no radio exposure.
Considering that Next Big Sound only monitors a fraction of the global music landscape, the actual number of undiscovered artists is likely far greater than we can imagine. This stark reality highlights the need for effective music marketing strategies to propel these hidden talents into the spotlight.
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