The Evolution of Conversational Media and Its Impact on Artists in the Music Industry

Ulrich Fischer

Hatched by Ulrich Fischer

Apr 06, 2024

4 min read

0

The Evolution of Conversational Media and Its Impact on Artists in the Music Industry

Introduction:

The landscape of media and entertainment has undergone significant changes in recent years. With the rise of digital platforms and the shift towards conversational media, traditional models are being challenged. In this article, we will explore the characteristics of conversational media and its implications for artists in the music industry. We will also delve into Spotify's efforts to adapt to this evolving landscape and the potential opportunities and threats it presents.

Defining Conversational Media:

Conversational media can be defined by five core characteristics. Firstly, it prioritizes conversation over dictation, allowing the audience to engage in a journey of discovery with the journalist or content creator. Unlike packaged goods media (PGM), which assumes a one-to-many stance, conversational media acts as a host in a conversation. Secondly, it emphasizes platform over distribution, leveraging network effects and harnessing platforms for wider reach. PGM, on the other hand, relies on tightly controlled distribution channels. Thirdly, conversational media operates as a service rather than a product, focusing on continuous engagement with the audience. PGM, in contrast, views content as discrete products. Fourthly, conversational media values iteration and speed over perfection and deliberation. It embraces constant iteration and improvement, always staying in beta mode. Lastly, engagement takes precedence over consumption in conversational media, encouraging active participation and interaction with the audience.

The Impact on the Music Industry:

Now, let's explore how conversational media is transforming the music industry. Spotify, as a leading streaming platform, has recognized the need to adapt to this shift. The platform has introduced updates that aim to provide artists with a comprehensive suite of tools, enabling them to connect with fans on a deeper level. These updates include the ability to upload short promotional videos, concert listings, and other content to foster a sense of community. Spotify's goal is to become a super-app that meets the expectations of artists while countering the influence of platforms like TikTok, which have become essential for music promotion.

The Rise of Artist Empowerment:

The emergence of conversational media and its focus on engagement has empowered artists in several ways. By leveraging the platform's half a billion users, artists can tap into a community and offer more than just music. They can sell merchandise, concert tickets, and other goodies directly to their fans, reducing their reliance on traditional revenue streams. This model aligns with the approach taken by companies like Believe, which have supported artists by providing a range of digital services. By embracing conversational media, artists can potentially increase their earnings and gain more control over their careers.

Challenges and Considerations:

While conversational media presents new opportunities for artists, it is not without its challenges. The indirect impact on major record labels is a significant concern. As streaming services introduce additional services without sharing a portion of the generated revenue with the labels, it may disrupt the traditional revenue-sharing model. This dynamic echoes the model employed by companies like Believe, which have successfully competed with major labels by offering comprehensive digital services to artists. The transformation of Spotify into a marketplace raises questions about the future dynamics between artists, record labels, and streaming platforms.

Actionable Advice:

  • 1. Embrace the power of conversational media: As an artist, leverage platforms and tools that prioritize engagement and interaction with your audience. Build a strong community by actively participating in conversations and fostering a sense of belonging.
  • 2. Diversify your revenue streams: Explore opportunities beyond traditional music streaming. Consider selling merchandise, concert tickets, and exclusive content directly to your fans. Take advantage of the platforms that provide these services and empower yourself as an entrepreneur.
  • 3. Stay informed and adapt: Keep a close eye on the evolving media landscape and adapt your strategies accordingly. Understand the implications of conversational media on the industry and stay ahead of the curve. Continuously iterate and improve your approach to meet the changing demands of your audience.

Conclusion:

Conversational media has transformed the way content is created, consumed, and monetized. As artists navigate this changing landscape, it is crucial to embrace the power of engagement, diversify revenue streams, and stay informed about the latest industry trends. While challenges and uncertainties exist, the rise of conversational media presents unique opportunities for artists to connect with their audience, take control of their careers, and shape the future of the music industry.

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