The Profound Impact of Music Tech Startups
While music and technology are already profoundly and irreversibly connected, 2018 will be the year for tech innovations to take center stage. Trends like artificial intelligence (AI), machine learning, Blockchain and bots are the latest innovations making waves in the music technology landscape, but artists, digital media brands and record companies don’t necessarily need to understand these concepts in depth to take advantage of their potential.
Technology innovation has played an important role in the music industry ecosystem. From discussing a brand new artist’s strategy for trying to get noticed in the business to analyzing the staggering complexities of revising the manner in which royalties are collected and distributed, tech solutions are always a big part of the conversation.
We’ve already witnessed massive shifts in the music industry in recent years. The increasing integration of AI and voice tech in a multitude of applications illustrates technology’s potential for long-term growth in the music business, while the industry’s yearning for a better way to manage royalties indicates the great importance in developing tech solutions to solve this global quandary.
Fortunately, there are many innovative startups working diligently to develop fascinating tech tools that will have a major impact on the industry in the coming period.
The Bot Platform
Chatbots provide the potential for a new level of engagement with fans, superior content delivery, and comprehensive customer care. British startup The Bot Platform has done some exciting work with labels and artists on developing bots for Facebook Messenger. Although its track record is short, the company has demonstrated impressive engagement rates, making it one to watch in the coming year. One of the intriguing aspects of chatbots for the music industry is the ability to create more personalized and human interactions, in contrast to traditional marketing tactics that are too generic for most artists and their fans.
Popgun
Do you think machines can write worthwhile music? Although some songwriters may cringe at the thought of losing their job to a computer, most experts agree that instead of replacing humans, AI could be used to complement people’s talents. Popgun is an excellent example of this concept. The company’s AI is called Alice, which listens to a user’s playing and attempts to provide melodies that effectively accompany the music.
AI Music
This UK startup is developing another compelling artificial intelligence application. Their goal is evolving music from a static, one-directional interaction to one of dynamic co-creation. Imagine if a machine could remix your favorite song for you in any style you want. Feel like listening to a gentle version late at night? Or are you in the mood for a rousing beat to get you excited for the day ahead? AI Music will provide its first public demo this year to display its ability to alter songs based on the preferences of the listener.
Jaak
One of the most significant concerns in the music industry is the lack of metadata consistency, which has a detrimental effect on royalty distribution and causes a multitude of problems in many aspects of the business. Jaak is attempting to help solve this important issue through the use of Blockchain technology, which many experts believe to be the primary key to a viable long-term solution. Common infrastructure via Blockchain enables a new approach, which, according to the company: simplifies content licensing on the web, unlocks a world of new content experiences, and reveals previously untapped opportunities.
Voise
The growth of streaming over the past year cannot be denied, with over 100 million people now subscribed to such services globally. In fact, streaming has become the primary music revenue driver, both changing the manner in which people consume content and radically altering the way the industry and artists deliver songs to the world. One of the many startups involved in streaming is Voise, a company describing itself as a “blockchain powered anonymous decentralized platform” aiming to provide a streaming and downloading platform where artists can monetize their work. Its “collaborative P2P marketplace” allows artists to set a price for their songs as well as provide free sample tracks to gain support from users to reach their career goals.
These promising startups are just a small sample of the many innovators working on developing new tech solutions to meet the needs of the evolving music business. Technology and music are increasingly intertwined, allowing for deeper engagement, enhanced discovery, and a better industry for us all.
By Sergey Bludov,
Senior Vice President of Media and Entertainment Practice at DataArt
