Time rarely stands still in the music industry, with some trends lasting less than the time it took you to read the final word in this sentence.
Advancements in technology have undoubtedly played a key role in changing the music business and will continue to do so for the foreseeable future.
With that in mind, we look at some of the ways technology will shape the music industry over the next five years and beyond.
Resale ticket sites to become more sophisticated
A recent study by Betway highlighted how the cost of being a music superfan has spun massively out of control in recent years.
Resale ticket sites have benefited from the growth in popularity in live music, although it is fair to say that many people in the industry are unhappy they exist.
However, with many consumers seemingly happy to pay inflated prices to watch their favourite acts perform live, it appears the sites are here to stay.
On that basis, resale platform operators are likely to become even more sophisticated in the way they go about obtaining tickets for the biggest artists.
Reverse dynamic pricing to boom
Dynamic pricing on primary ticket sites has met with plenty of criticism, with fans hitting out at artists who allow this algorithm-based system to be used.
Prices can be hugely inflated based on real-time demand when using this technology, which often puts tickets beyond the reach of loyal fans.
Some experts have suggested that music acts should adopt reverse dynamic pricing by first putting affordable tickets on sale before ramping up prices closer to the event.
Given the reputational damage that can be caused by overcharging fans, it would be no surprise to see more acts take steps to address this by implementing reverse dynamic pricing.
Artificial intelligence will make music more accessible
Artificial intelligence (AI) is already prevalent in many areas of the music industry and is expected to become even more commonplace in the future.
AI composition and voice synthesis tools will transform how music is distributed, making it much easier for musicians to get their work noticed.
The theory behind this works much in the same way that gamers have been able to make money from their activities through live streaming.
The days when you needed to be based in a major city to become a music star are fading away – the next five years will see talented musicians emerge from unexpected locations.
Record labels will embrace automated marketing
The growth in popularity of streaming platforms has put added pressure on record labels to uncover new talent before their rivals.
Those that wish to stay ahead of the game will use platforms such as Feature.fm or Soundcharts to better inform their operations.
The innovative automated tools can help record labels identify which artists they need to invest in and which ones they should avoid.
These tools will also be beneficial to artists who understand how to grow their reach on platforms such as Spotify by ensuring their efforts do not go to waste.