It’s hardly a secret that the future of music commerce lies in streaming, but the numbers continue to bear this out in ways that can’t help but become cause for reflection.
According to industry experts, over 100,000 tracks are now being uploaded to streaming platforms each and every day. This jaw-dropping figure was most recently cited by Sir Lucian Grainge, Universal Music Group’s CEO and Chairman, who mentioned it will addressing attendees of the Music Matters conference in Singapore.
There’s a lot that could be said about the scale of music streaming today and how it has empowered the independent creator to directly reach consumers. But as Music Business Worldwide points out, Grainge argued that this milestone arguably makes the label a more important part of the equation.
Grainge indicated that labels with experience in promotion and artist development are best equipped to reach audiences at scale, which is what makes the path towards professional musicianship viable. Those sentiments were echoed by Steve Cooper, the exiting CEO at Warner Music Group.
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“The complexity of being able to separate one’s music from the other 99,999 tracks uploaded that day is incredibly complex [and] incredibly difficult,” Cooper stated while noting that marketing music in today’s world can be capital intensive and require certain areas of expertise that not every artist may be savvy to.
As far as the trajectory of streaming goes, over the last five years the volume of tracks being uploaded to platforms across the internet has multiplied fivefold. According to Grand View Research, the sector is expected to continue growing at double digit percentages each year through at least 2030.