Could Social Networking Save the Industry?

Could Social Networking Save the Industry?

I don’t know if it’s fair to say that the young adults need peer validation for their music tastes- in fact, I might argue the opposite. I do, however, agree that streaming sites have become a popular alternative to pirating music. This way, financially supported by advertisements, record labels get compensated for the play off their artists. Marketing and targeting audiences and demographics is a useful tool when implemented correctly. If Imeem and Bebo are targeting their audience narrowly, it could benefit or work against them by excluding possible audiences. I agree that simple platforms are more accessible and likely to gain wider popularity. Comparing streamed music online to radio and MTV, which are both ad supported successful platforms, gives hope for the future of streaming and preventing straight piracy. I think that “scarcity creates value” might have some truth to it, but for the industry today, it might not be as applicable. I do believe that adding extra incentives and features such as fan groups, artist information, and concert dates as well as charts. Attracting people by providing “free” services is an intelligent way to draw people in, especially compared to just taking music.

Social media in general is useful for making an idea infectious. I like that the music industry has caught on and is trying to implement the tendencies and needs of the people into their business plan. I think that streaming is a great alternative to piracy that is attractive, affordable, and accessible. I am excited for the music industry as e continue in this same direction, because I feel that it could bring the younger generation to appreciate music the way the older generation think we don’t. Social media can be used by any age, so this could be a very successful platform and strategy.

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