How can you analyze market trends and consumer behavior in the music industry?

Es ideal estar en contacto con personas de todas las edades que nos puedan comentar cómo es su manejo diario de redes sociales, pudiendo conocer sus intereses, por ejemplo, en TikTok/Reels, qué los lleva a consumir determinado tipo de contenido y cuál es su decisión final respecto de: filtros, canciones, temáticas, comportamientos. A partir de allí podremos deducir si hay canciones a punto de ser hits virales, si hay un interés repentino en algún artista, si éste a su vez tiene algo que ver con nosotros o nuestro arte. Las ideas a veces vienen de economizar la investigación a través de otras personas que nos brindan su experiencia social en Internet.

The music industry has fully shifted to a digital landscape, fixing the dominance of labels and DSP platforms but new emerging global trends question the idealized view of streaming platforms. Navigating this industry requires a nuanced understanding, and knowledge accessibility remains a challenge. On the other hand, specialists often lack tech expertise, resulting in projects using outdated technologies due to prolonged development without adequate investment. The industry is on the brink of transformation with AI's influence on creative processes and a growing trend toward decentralization, promising positive outcomes for IT advisory firms like ours.

Here are the trends I'm spotting: 1. spatial audio, 2. AI doing its music, 3. blockchain handling rights, 4. virtual reality concerts, 5. tools for musicians collaborating from distance. Live-streamed concerts, smart instruments, and subscription-based production services are growing too. Web3 is shaking up how artists connect with fans and sell their music directly. In 2022, music copyright hit a whopping $41.5 billion, up 14% from the previous year and will definitely grow AI. We might need to change the streaming subscription model. Music creation is becoming more of a people's game, and AI is (again) crucialhere, offering a chance for new wave of creators through the 'remix culture.'

We saw an opportunity differentiate ourselves from most dev shops by focusing exclusively on the music industry. While numerous IT consulting firms operate horizontally or within specific technologies in the Polish, European and US market, there's a scarcity of entities with a deep understanding of navigating the music landscape. This nuanced knowledge requires a significant investment of time and the willingness to ask numerous fundamental questions specific to the music industry. By focusing in on this sector, we aim to save both client and our time during the initial project research and planning stages. Basically less silly questions.

In just about any industry, the use of a SWOT matrix can be a potent framework for modeling business. Releasing new music, for example, is very much dependent on consumer discovery, engagement and adoption. How you influence those factors can benefit from preparedness -- that's where the insights provided by a SWOT can come in. Perhaps most important is that a SWOT matrix can be internalized as a thinking process -- it's strategic thinking, to be exact. Make a habit of framing goals within those four quadrants, and you'll be more prepared for the challenges in music business.