The music industry has undergone significant changes since the turn of the century and plenty more are likely to occur over the coming years.
The way people listen to music has undoubtedly been of the most noteworthy things that have changed, with streaming sites now dominating the landscape.
With that in mind, we take a look at some of the other music industry trends we believe will be worth watching during 2023 and beyond.
Regulation of resale ticket sites
Recent research by Betway highlighted the difficulties faced by music fans if they fail to secure concert tickets when they initially go on sale.
Their study found that resale ticket prices to watch major artists such as Drake and Adele are significantly higher than the original face value.
There have been widespread calls for governments to step in and regulate this area of the industry, and this may well happen in 2023.
Tours and festivals will keep booming
While there has been plenty of controversy surrounding ticket prices in recent years, the live music sector continues to flourish.
This is likely to continue as singers and bands seek to maximise their income from what has now become their main source of revenue.
Live tours and festival appearances can be a big money spinner for artists, and this section of the music business should continue to thrive next year.
Multilingual music will rise in popularity
It has often been thought that music acts must sing in English if they want to make it big, regardless of which genre they are attached to.
However, the landscape has changed significantly in recent times, with several multilingual artists making a big splash in the industry.
Streaming platforms have helped music become far more multilingual than was once the case and this should continue apace moving forward.
TikTok to rival the ‘Big Three’
Facebook, Twitter and Instagram have been established as the ‘Big Three’ in social media for some time now, but their dominance is increasingly being threatened by TikTok.
The platform broke through the one billion active users’ barrier in September 2021 and is on track to almost double that number by the end of this year.
TikTok’s short-form nature makes it the ideal vehicle for music promotion and the platform is well on track to keep growing over the coming year.
Indie resurgence will continue apace
The music industry tends to go in cycles and 2023 may the year we witness another seismic explosion in popularity of the indie genre.
Several up-and-coming indie bands are on the cusp of making a major breakthrough including The Reytons, Red Rum Club and The Royston Club.
The upcoming release of the new Arctic Monkeys’ album later this year could be the catalyst for indie music to become the dominant force in the industry next year.