Glynn Gordon, COO of Audoo, writes about the music industry and how artificial intelligence can play a part in the royalty revolution
The UK music industry is worth an estimated £4.5 billion and with recorded music revenues up by over 20% in the last three years, it is showing no signs of slowing down. Increased innovation is one factor contributing to this growth.
Whilst advances in music streaming have enabled more people to access their favourite music at the touch of a button, many still argue that these advancements, unfortunately, contribute to a rise in issues such as music piracy and ‘stream-ripping’, which threaten to jeopardise finances of struggling creatives around the world.
It is not just singers who are affected by this; sound engineers, producers and songwriters to name a few, can also fall victim to the use of technology across the sector. In 2019, it should not seem unreasonable to demand that artists and creatives are paid their just rewards for their work being played. Technology may indeed be the solution we have been searching for.
So, how can we continue to harness the positive outcomes of this revolution as well as limit the drawbacks, creating a harmonious relationship between the music industry and its advancing technologies?
The role technology has played over the years
From accessing your favourite music via tapes, vinyl and CDs to the recent progression towards more easily accessible streaming platforms, the music industry has been consistently shaped by technological evolutions.
After ten years of unprecedented slow growth, the adoption of new technologies has finally resulted in a new lease of life for the music industry. Now, streaming services present a huge number of benefits for both musicians and their fans alike. Primarily because musicians have the luxury of producing, sharing and publicising their music quicker than ever before, whilst their fans can easily access songs by opening an app or leveraging voice recognition offerings by simply requesting a song of their choice. Whilst these progressions are revolutionising the industry, royalty distribution and tracking are being left behind.
The industry now needs to look towards integrating technology leveraging Big Data, Machine Learning (ML) and Artificial Intelligence (AI)Glynn Gordon, COO of Audoo
Streaming platforms do create a wealth of positive experiences for users and artists, yet services such as Spotify remain under scrutiny for the lack of money paid to artists. However, this pressure could be alleviated if the rest of the industry were more open to adopting new technologies when it comes to royalty distribution.
The industry now needs to look towards integrating technology leveraging Big Data, Machine Learning (ML) and Artificial Intelligence (AI) by developing solutions software that can detect music being played across different outlets on and offline order to create a more intuitive and fair royalty distribution process for all.
Revolutionising royalty distribution processes
As streaming services continue to grow, Performance Rights Organisations (PROs) are experiencing greater challenges when it comes to tracking for royalties and providing artists with the correct financial return. Nowadays, PROs are still forced to manually collect data by relying on estimations through profiling licence holders and comparing them to popular radio play. This age-old method is in desperate need of rejuvenation for a number of reasons, not least due to the inaccuracies and lack of transparency for artists that often result in artists struggling to track down their due payments and therefore forecast their earnings.
What does the future hold for the music industry?
Despite its best intentions, it sometimes feels as though the music industry is still playing catch-up when it comes to embracing new technologies such as AI, which have the power to overhaul ineffective legacy processes. However, with technological innovation at its peak, there are more opportunities than ever to fine-tune the industry processes and harness the power of modern technologies. Particularly when it comes to tackling the issue of royalty distribution through Big Data, AI and ML
Through cutting edge technology, PROs will soon be able to track music being played in licensed public spaces and consequently supply artists with their due royalty payment.
Rather than running the risk of human error providing inaccurate data, analytics software can be used to continually recognise songs being played and then share the findings with PROs. This will guarantee fair compensation to artists, as well as peace of mind to consumers that their favourite musicians are getting paid for the work they produce.
Insights from the data can also be used to learn more about consumer behaviours, providing PROs with vital information into consumer habits, enabling them to predict future trends. The same applies to music labels, who can benefit from the data to help them better understand their target audiences, by creating unique marketing campaigns and enhance business strategies.
The beauty of the music industry is that is constantly developing and evolving as a result of cutting-edge technological advancements. Over the last few years, music technology has in fact proven to be a positive addition to the industry when it comes to tracking and distribution, helping artists receive 4% more from their royalties compared with the previous year. However, more groundwork needs to be done.
By harnessing the power of technology, the industry can improve current processes and provide creatives with the benefits that they truly deserve. The royalty revolution is coming.
For more information, visit www.audoo.com