The tech startup revolution has been going on for quite some time now, with new small companies popping up in the thousands every month. Many industries have been fully revolutionized by this tech wave, including transportation, healthcare, travel, and business. However, the music industry revolution is just in its infancy. That is because for a long time it was afraid to change. It’s a very concentrated industry, with a few big players at the top calling all the shots. Money was easy to come by for them, and the system ran smoothly, so change was naturally resisted.
Most notably, when Napster came out with an incredible new technology that opened up doors to innovation in the music consumption space with peer to peer file-sharing, the music industry’s reaction was to sue and destroy, rather than acquire and exploit. If they had been proactive and opportunistic about this new technology rather than reactive and pessimistic, the music industry might have been in a much more profitable place now.
Even after this blunder more than a decade ago, the industry has been criticized as often being behind the times. However, finally in the past few years (and possibly out of desperation), we are seeing signs that the industry is ready to get behind the tech movement, and support change. In the past two years, more than three music-focused tech/startup accelerators have begun operations, including Project Music, 2112 Inc, and SMASHD labs.
This will turn out to be very healthy for the music industry, as it is in transition and has been struggling to find a stable new revenue generation plan. A great way to accelerate this process is by attracting entrepreneurial skill and venture capital funding.
Here is an example of one of the new tech companies helping to revolutionize the industry:
The startup harnesses the idea of “collaborative consumption”, essentially Uber for music production. You can use the platform to find talented instrumentalists, singers, producers, and engineers from around the globe to help take your music projects to the next level. This puts more power into the hands of the creators and artists, further moving the industry downstream as technology advances. This is just one of the many new promising companies ready to make a splash in the music space.