Midem Music Pulse – Trends Music Tech Startups Are Taking Advantage of
Entrepreneurs’ imagination combined with innovation is limitless and they easily turn specialists’ predictions upside down. While it is impossible to predict the future of the music industry because of its complexity and its diversity, it is possible to detect trends Music Tech startups are currently capitalizing on.
Midem Music Pulse helps you understand the main challenges and key trends shaping the future of the international music business via exclusive content from the Midem conference programme.
Every month, Midem conference team offers you a curated eye on Midem conference programme, to discover insightful business tips, key facts and global strategies on vibrant topics of the music industry.
Discover 4 trends Music Tech startups are capitalizing on!
1. Music is collaborative
“Making music is easy. No need to be a pro; now, everyone can make music. The entire music industry is shifting and interactive content is winning. This is a big community.” – Gad Hinkis, CEO, Jambl (Germany)
“It takes seconds to create a riff and it’s instant to share. Our community makes those riffs together, live and collaboratively from around the world. Users create, share and remix each other.” – Tim Exile, CEO and Founder, Endlesss (UK)
These two quotes are excerpted from music startup competition Midemlab 2019 “Music Creation & Education” pitches. Nowadays, people share pretty much everything through instant messages and social media. Many apps allow anyone to create something instantly and share it with the world. TikTok is a good example for video. Music is not an exception, and the concept of online sharing goes even further in our industry. Collaborative platforms allow music composers to share their talent and their inspiration in order to compose tracks all together. What is considered something fun today could become a real business in the future for some users, and those platforms may reveal new music stars just like YouTube did with the Youtubers.
2. New smarter sources of revenues
“We add value to the music industry by bringing in a new revenue stream with little to no effort. We deliver 100% traceability of music licenses and we tackle copyright infringement effectively and affordably.” – Chantal Epp, CEO, ClicknClear (UK)
This quote is excerpted from Midemlab 2019 “Music Distribution & Discovery” pitches. By focusing on an under-explored market, the British music tech startup predicts this new revenue stream to be worth over 1 billion dollars. This is one example among many that demonstrates how the music industry can generate more revenues without making investments. Additional solutions dedicated to music distribution and discovery, such as personalized playlists, targeted ads, understanding of audiences as well as individuals’ moods, will drive more income in the near future.
3. Machine learning and AI bring the industry to the next level
“We apply machine learning to detect anomalies in music streaming revenues, meaning over payments, under payments and eventual fraud.” – Nermina Mumic, CEO and Founder, Legitary (Austria)
“We ran the entire catalogue of Creative Commons Music through our AI and we were able to find great music that had been hidden in the database for 8 years. When we showed the results to their customers, we saw an increase in streams in 48 hours of anywhere to 90 to 600%.” – Hazel Savage, CEO and Co-Founder, Musiio (Singapore)
These two quotes are excerpted from Midemlab 2019 “Marketing & Data/Analytics” pitches. In terms of machine learning and artificial intelligence implementation, the music industry is very dynamic compared to other sectors of entertainment. Our industry has become a live lab in which these technologies can be tested and implemented, then applied to different industries once they’ve proven properly working and profitable.
These disruptive technologies are going to revolutionize the music industry (again) with faster, efficient and more precise results for music rights, ticketing and music creation, just to name a few fields of possible application. AI and machine learning also reduce costs and make new solutions affordable.
4. The democratization of music composition and high quality audio
“Tunefork is audio personalized technology that allows the user to find its unique ear print, and adjust any audio content to its needs.” – Tomer Shor, CEO, Tunefork (Israel)
“We think that playing music must be intuitive, playful and expressive and that’s why we developed a digital instrument pluggable on any device (laptop, smartphone and tablet).” – Pascal Joguet, CEO, Joué (France)
These two quotes are excerpted from Midemlab 2019 “Experiential Technologies” pitches. It has never been easier or more affordable for anyone to compose music from anywhere in the world on an app, a virtual instrument or a tool plugged into a device. Music composition is no longer reserved for the elite, and has even become a form of entertainment for many young people.
From composition to distribution, everyone has the power to become an artist / music superstar and manage this hobby as a music technology startup. Combined with AI, music creation appears to have a brand new spectrum of opportunities that just appeared.
Last but not least, the popularity of smart speakers has brought new devices into music lovers’ homes, which contributed to considerably improve the overall audio quality experienced by the average listener. WiFi 6 combined with 5G networks will bring broader opportunities to the music industry and will surely enable High-Res music to become more and more popular.