Music Genome Effecting Listenership
The Music Genome Project is one of the most fascinating innovations for the music industry. The project designates a strand of attributes or genes to a particular music genre, band, song, etc. The idea of "music genes" allow users of the interface, Pandora (and others), to effectively manage personalized playlists over a streaming radio feed. I think the most incredible feature of this application is that the project can match a listener with music that he may have never heard before but fits his music gene. This system is revolutionizing the way people listen to music.
This technology has been around for awhile; the project started ten years ago. But the developments in the technology are drastically increasing the way the music industry makes money by marketing artists and their music. The ability of this project to expose music to millions of people is astonishing.
Traditional methods of marketing musicians is quickly moving into the vast expanse of social media and digital sharing. File sharing and pirating music has deeply cut into the profits of production companies. The Wall Street Journal reported that in 2009, U.S. album sales dropped thirteen percent compared to 2008. WSJ also reported that digital music sales were up forty percent (The Wall Street Journal, 2009). Instead of fighting the loses, industry has begun to shift the way it sells music.
However proactive this seems, musicians have been taking advantage of these free media campaigns for years. It is now easier and cheaper than ever for a band to build a brand and get music to listeners. Through this exposure, bands are able to give out free samples in hopes that people will come back for more. And it works.
Even if music fans don't buy the music, they still need a feeling of inclusion. They spread the word using social media. With outlets like Twitter, fans can have a first line of contact to their favorite bands. More people listen in on the conversation and soon enough (barring the music is good), the bands gain ground. They play shows to bigger crowds, make live appearances and have more products to sell. They make money.
With innovations like the Music Genome Project aimed at spreading music and more media outlets to share music, the world is becoming a smaller place. The community of music makers and listeners is more accessible than ever. Joining the two is as easy as it has ever been and business is working the way it has for years. The music business lets the community know it is there to provide a service and ensures that service is great. Profits aren't shrinking, they're shifting.
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