The 'How Much Will You Pay for Music in 2013?' infographic is an interesting snapshot of multimedia costs of the future. The answer to how much multimedia will cost in the not so distant future, is nothing. You won't pay a dime. That's the direction that music is heading in if the current estimates are correct.
Since we have made the leap from vinyl to cds to mp3s, music has taken on an entirely different life form that has allowed us to access it on the cheap -- and I'm not referring to illegal downloads. Legal free music services are on the rise and have made huge headway in giving people what they want: free music. Even artists have been encouraging the movement by encouraging people to buy concert tickets by offering free singles (Madonna). Some people will still buy, but with music players like YouTube, they will be fewer and farther between.
Why This Trend Is Growing
- Rise of Free Music Services
- The increasing popularity of legal free music services is disrupting the traditional music industry model, offering consumers access to music without any cost.
- Decreased Sales of Music
- As music becomes more readily available for free through platforms like YouTube, the traditional model of buying music is being disrupted, leading to a decrease in sales.
- Artists' Support for Free Music
- More artists are embracing the trend of free music by offering free singles or encouraging fans to attend concerts, signaling a shift in the way they generate revenue.
Industries Being Reshaped
- Music Streaming Services
- Companies that provide free music streaming services, such as Spotify or SoundCloud, are at the forefront of this disruptive trend.
- Concert Ticket Sales
- The rise of free music has led to an increase in concert ticket sales, as artists incentivize fans with free singles in exchange for attendance.
- Digital Advertising
- As the consumption of free music grows, advertisers have new opportunities to reach a wider audience by targeting these platforms with relevant advertisements.
