How Artificial Intelligence is changing the music streaming industry

Deeper mobile penetration, cheaper data and the emergence of Artificial Intelligence (AI) and Machine Learning (ML) have created a better environment for running players to grow and thrive. Today a few players dominate the music streaming industry and are leveraging advanced technology to provide audiences with unimaginable music from artists around the world. This bodes well for the art industry, which has long suffered from piracy and witnessed a decline in revenue. According to the Recording Industry Association of America® (RIAA), the peak music industry was estimated at $21.5 billion in 2000 but soon fell into a 15-year slump. But the mass adoption of smartphones and the rise of music streaming apps since 2005 have since raised the industry’s expectations.

The RIAA estimates that for the first time this millennium, the music industry has posted an increase in revenue for two consecutive years and possibly in 2018 as well. From revenue to user behavior, the music streaming industry, in more ways than one, is changing the way we listen to and enjoy music. Gone are the days when the only way to listen to music on your phone was to painstakingly download and save the individual songs on it. With the tap of a finger, music lovers can now access a wide variety of music. In a highly competitive market, a key brand differentiator will be how these music streaming devices use the best algorithm-based AI engines and machine learning, to create a seamless experience for users. By learning the unique tastes and preferences of each individual, players are now working to build better and more intuitive playlists. These algorithms take into account the user’s music listening history, analysis of genres, voices, dance progression, length, pitch, tempo, vocal patterns, instruments used, and more, to suggest similar songs. , albums, and artists he or she may like. As a result, users are constantly presented with personalized recommendations and playlists full of new music, in line with their personal taste, which creates an endless market for music consumption.

However, these music streaming services are still in their infancy when it comes to leveraging technology to improve their offerings. While most major brands use machine learning, which analyzes the songs, artists, and albums a user plays over time, to learn what appeals to him, others also use recommendations from real artists and music editors. to create daily playlists and suggest similar songs. . The most successful practice, however, is a combination of both, with human editors analyzing the data collected by AI engines to further enhance the algorithms. This method is used by several of those currently in the market, but the application of AI in music still has a long way to go.

Although music streaming brands come with valuable added services such as voice assistant, one-touch playlists, song mixing, and more, the real power of AI goes beyond those features. Extensive research is currently being done on the ability to use modern AI to analyze music, not only using metadata, but by analyzing the actual song itself, to gain a deeper understanding of the melodic medium. This presents an incredible prospect for its application in the music industry, and the domain, in general.

Creating music using AI is now the next step in this transformational journey, although the use of AI in creating music is certainly not new. Several musicians have developed over the years and created AI programs to mix and improve songs recorded in the studio, or even create compositions and lyrics based on the material. For example, multi-Grammy award-winning legendary musician David Bowie collaborated with Ty Roberts, technology inventor and founder of Gracenote, to create a tool called Verbalizer. Bowie was able to insert up to 25 phrases and groups of words into the instrument to create a significant melodic composition.

Music streaming services are currently leading the market in this area of ​​AI adoption, constantly testing various applications of the fast-changing future technology. The personalized music recommendations were not only beneficial for the customers, but also for the musicians. Serving as a platform for countless emerging artists to showcase their work and present it to the world, it allows many artists to have a live audience, even before they become a superstar. with a wide reputation. As a result, users have often found talented musicians in streaming devices, who later went on to win a significant reputation, which shows the creation of a symbiotic path to the growth of the industry, both services and musicians.

This presents a very promising future for AI in the music streaming industry, as AI-driven data and marketing can open up entirely new strategies for brands. In the coming years, the large amount of user data being generated and analyzed will help businesses improve their marketing strategies, through deeper insights into user usage. This, in turn, will help them create a perfect harmony between artists, consumers, and the music industry, while simultaneously being profitable and creative.

Prashan Agarwal is the CEO of Ghana.

Follow all Business News, Market News, Breaking News Events and Latest News on Mint Live. Download Mint News App to get Daily Market Updates.

Less than that


Leave a Comment