Faucetsounds Music App

Evolution of Music Application and their Impact on Music Consumption

The exponential growth of new technologies and numerous innovations available today, especially streaming platforms, have caused significant shifts in the music industry’s creation, distribution and consumption patterns. As traditional album sales continue to fall, the music industry has had no choice but to embrace the rise of music streaming apps as a fundamental part of its strategy for longevity.

People’s music consumption has changed throughout time, moving from attending live concerts to listening to vinyl, cassettes, CDs and digital copies. Now, digital music and streaming services for new music apps rule the market. One of the most critical changes in the music business to date is the rise of digital music. With this technology, consumers now have access to millions of songs for a single inexpensive fee, all in one place, which was previously impossible. This article will examine the history of music apps and how they have changed how people listen to music today.

An Overview of the Music Industry

Music is popular with people of all ages and from different countries. The International Federation of the Phonographic Industry (IFPI) stated in its 2019 annual report on the music industry that it made $20.2 billion around the world (IFPI 2020). In 2020, music streaming brought in 62.1% of all music business income worldwide (IFPI 2020). 19.5% of the total income came from physical sales, which came in second (IFPI 2020). This number shows that there is a big trend in the industry as a whole away from ownership. A report from Atlantic Records in 2008 said that CD sales made up two-thirds of recorded music sales, while songs purchased via iTunes made up 30%. (Arango, 2008). Twelve years later, the industry’s income has changed a lot. RIAA (2020) predicts that streaming will bring in 83% of the industry’s revenue in 2020, while digital downloads and physical sales in the United States will bring in 6% and 9%, respectively.

Compared to more traditional methods of consuming music, streaming services stand out because they allow users to effectively become renters of millions of songs in the digital music realm, rather than traditional owners of CD albums. Before streaming, people had to buy an album on CDs or vinyl, listen to the radio, or buy albums, single tracks, or albums from the iTunes store. Customers are no longer restricted to the few tracks of an album on a CD due to new music streaming apps like Faucetsounds; they now have millions of albums and tracks at their fingertips. Streaming services offer music bundles at no extra cost to users since many of them have millions of songs in their libraries. As a result of this distinction, streaming operates on a rental model, which can be advantageous to both service providers and artists since it prevents the resale and piracy of music. Streaming also lets people choose the music they want to hear and the order in which they want to hear it instead of having the radio or an album’s set playlist decide for them. Customers have more choices with streaming since they can construct their unique listening experience by combining music from various albums, genres and artists.

Consumers of Music Streaming

At the beginning of the twentieth century, the digital revolution changed the business, which led to more piracy and less money. In the early 2000s, there was a lot of piracy and streaming never made money until 2006. As Spotify and Pandora became more popular in 2013, revenue from music streaming saw its first rise. It started going up and now it makes up more than half of the money made in the music business. Since the beginning of the 2010s, music’s profits have greatly changed. Most of the growth can be attributed to Generation Z, (people who were born in the mid-1990s and early-2000s) and grew up with digital music. We cannot say enough about how important Generation Z is. In 2017, Fluent did a study that found that 92% of Generation Z uses a streaming service and that 84% of them use these services every day to listen to rock music. Generation Z also has different ways of using things and listening to music while doing other things in the background. It makes digital streaming vital because it can be used anywhere and is easy to use. Generation Z uses streaming services and listens to music more than any other age group, but only 22% of Generation Z pays for a streaming service.

ANALYSIS

How Streaming Helps Consumers

The most important people who buy digital music are young people, who are mainly price-conscious. Young people are sensitive to prices, so they tend to stop buying music and instead use a subscription service because it costs less per song. Li et al. (2020, 701) find those subscription models are more popular than ownership models when the cost of using a subscription is less than that of an ownership model. This concludes that an ownership model loses appeal as buyers’ price sensitivity rises (Li et al., 2020, p. 702). Generation Z is very sensitive to price, which is why free streaming services make up such a large part of their consumption. Free subscription models are a great way for music producers to reach Generation Z listeners and profit from them.

Changes in consumer tastes could bring more money to the industry in the long run, especially if people keep using streaming services to listen to more music and artists. Streaming also helps consumers because it makes music more portable, which fits their changing habits. Generation Z is a big part of the streaming market and consumer habits are changing. Because this big part of the market will use free services, a free streaming model could be good for the music business.

Conclusion

Consumers now have more choices than ever to discover new music and broaden their musical horizons due to the increasing number of streaming services. New online music app like Faucetsounds have changed how people immensely listen to music and complementary services make it easier for the growingly important Generation Z group of consumers to find new music and listen to it more. As more people use streaming, it has directly helped providers, labels and artists. Streaming services with large libraries are suitable for artists, especially new and more minor ones, because they help people find them. Musicians are continuing to adjust to this new model, which enables them to generate more streaming money and divert listeners to the live music sector to boost their earnings. Streaming has also helped small artists do better by letting them use free streaming services to find new fans and sell tickets to their concerts.