Music Product Strategy Re-boot Time to Monetise Fandom, Not Access
Get full access to this report and assets
Already a MIDiA client? Login here to view this report.
If you are interested this report, or related reports such as Next Generation Music Products Monetising Super Fans With Interactive Artist Subscriptions, Music Publishing At A Cross Roads How Streaming Is Transforming The Outlook For Music Publishers and Recorded Music Market Shares Streaming Drives Growth get in touch today to enquire about a report bundle.
The 20,000 Foot View: As streaming reaches maturity in many of the largest music markets and middle-tier artists struggle to make ends meet with the live music hiatus, the time has come for a music product strategy re-boot – for a bold, new wave of music products that look to build beyond streaming, delivering increased income for both rights holders and creators. In this report, MIDiA presents a new product strategy framework and new formats within it.
Key insights
- Artist discontent the streaming slowdown create the conditions for a rethink of product strategy that puts artists fans centre stage. The 2010s about access, the 2020s will defined by experience
- Labels have an attention dependency, with algorithm-friendly and playlist hits becoming ‘music
- The ‘spikes’ success from playlist adds, TikToks other attention grabs are decoupled artists’ long-term success in building loyal audience and sustainable career, to the streaming business model
- Music companies access, but games companies have different focus – monetising consumption. 2020, in-game spending represented more half of all video games and will reach by 2027
- Fandom monetisation the solution and takes two forms: monetising micro-communities to improve remuneration, and premium artist products super fans
- MIDiA proposes artist product concepts to illustrate opportunity: artist sound pack; artist pass; fan scrapbook
- There is opportunity for labels to function an agency-like basis, developing premium and monetising fan communities to deliver fan dollars to supplement cents
Companies and brands mentioned in this report: Arcadia, HBO Max, MusicNet, OnlyFans, Peacock, Stadia, Spotify, Tencent Music Entertainment, Twitch, ViacomCBS, Warner Media, Xbox Live