The Future of Music Streaming: 5 Exciting Predictions for 2024
The music streaming and music artist platform industry is expected to reach a projected market volume of $35.10 billion by 2028. Love them or hate them, music streaming services have proven they’re here to stay. And like any other service in the music industry, they’re constantly introducing new features and updates to stay ahead of their competitors. So what should we expect from music streaming platforms in 2024? Here are our top 5 predictions.
One of the most significant trends that has been steadily on the rise in recent years is hyper-personalisation on all music streaming platforms. This is likely to kick into full gear in 2024.
As these platforms continue to harness advanced artificial intelligence and machine learning to fine-tune their recommendations, we expect to see even more initiatives like Spotify’s AI DJ and daylists across all music streaming services. These systems not only analyse your music taste, but also take into account your location, time of day, current weather at that location and more, in order to provide you with the most accurate music recommendations possible.
Virtual reality (VR) and augmented reality (AR)
The immersive potential of virtual reality and augmented reality has already proven to be a massive success on gaming platforms like Roblox and Fortnite. In 2024, it’s very likely that music streaming and music artist platforms will embrace virtual reality and augmented reality by offering products and services that integrate VR or AR. This integration will not only redefine how we experience music, but also what we consider “physical” and “digital.”
Blockchain and smart contracts
The music industry has long been grappling with the issue of royalty distribution. With the rise of music streaming services, this problem has been amplified by complex pay-out models and the sheer number of artists on these platforms. With AI and AI-generated tracks, this problem has become even more urgent.
Could blockchain solve this issue? Very likely. Non-fungible tokens, integrated into the streaming service system, can serve as a way to define digital ownership and enable transparent rights distribution for all musicians.
In addition, smart contracts, built on a secure blockchain, can be an efficient way to ensure a transparent distribution process, and that every stakeholder can track that they receive the full amount of royalties owed. Introducing such a robust system will ensure that we’re one step closer to a fairer royalties distribution system in 2024.
High-fidelity streaming and spatial audio
As Internet infrastructures continue to improve rapidly, demand for high-fidelity streaming will become more mainstream. With an increase in subscription prices for music streaming platforms, subscribers are likely to want more bang for their buck in 2024 through lossless and spatial audio.
Dolby Atmos and Apple’s Spatial Audio have already popularised spatial audio. Therefore, it’s only a matter of time until the other music streaming platforms adopt this feature as well.
AI-assisted fan-generated content
With editing tools and AI-assisted tools becoming increasingly accessible, we’re likely to see even more fan-generated content hit music streaming platforms. In 2024, we predict that more fan-generated content will go viral, blurring the lines between who’s the artist and who’s the fan.
Avant-garde artists like Grimes have already embraced this by allowing anyone to use their voice in their tracks, as long as they split the resulting royalties 50/50. Will more artists go the Grimes route in 2024? Seems likely.