THE IOT ERA AND TRANFORMATIONS OF MUSIC
In the last few decades, the IOT has taken off and completely transformed the digital landscape. The production and sharing of audio has seen massive transformation and endless possibilities open up. However, a majority of audio creators have not reaped any rewards. The income of audio creators depends heavily on the income systems of existing audio platforms. This is especially the case for Long Tail audio creators, who struggle to compete for copyright and Professional Generated Content (PGC).
In the future, there will only be growth in the music streaming industry. It is estimated that the market of music streaming will expand by another 50% by 2026 . The pandemic also provides a chance for the market size to increase. During the pandemic, the global music subscriber also increased to 26.4% . That means, there is a significant opportunity in this industry for us to capture.
Apart from music, there is also a significant transformation from radio to audio. A report by digital radio UK shows that there is a decline in people listening to the radio in the majority of countries in the world. Rather, it is estimated that there will be an increase in the number of listeners of shared audio on smart devices.