How Technology Created The Music Entrepreneur

There is no doubt that music has played an essential part in human lives from the inception of time. It has been available for us in some form or the other be acoustic, electrical, magnetic or digital thanks to technology. You can dive into the iconic history of music and be lost for hours, but for now, let us look into how it has played an essential role in creating music entrepreneurs. 

TECHNOLOGY IN THE CONSUMPTION OF MUSIC

Across the eras, mentioned above, music has enabled a plethora of business models that have not only been profound but also yielded growth of an ecosystem in the industry. With every passing era, music has been made more accessible for the masses, while generating an extensive revenue in its time. Now while many businesses have sunk into the streaming industry and are ruling it, many are struggling to sustain their business models due to content acquisition costs, technology, and revenue sharing models with the creators.

TECHNOLOGY IN MUSIC PRODUCTION

Initially, music was recorded live where the musicians had to practice extensively to get great takes in the least amount of takes. Studios had to accommodate many people and would end up occupying much space too. As technology prevailed, the studios became smaller, cheaper, and a lot more players started getting involved in this now lucrative model. During the '90s, when the Indi-pop scene flourished, artists realised the need for a state-of-the-art studio for their productions and started opening their studios. Now, thanks to technology once again, a musician can make a song on their laptop while taking a flight from Delhi to Chennai, at a fraction of the cost!

TECHNOLOGY AND ENTREPRENEURS

After the arrival of D.I.Y. platforms like Tunecore, Distrokid and such allow the musicians to put their music online without the need of music professionals who were responsible for deciding their fate. Covering all aspects of music from the production, monetisation, marketing, live performances, one can create a business for themselves. These business models then amalgamate with other models like podcasts or music promotions for social media agencies and such, something that was limited only to the record label. The power now lands in the hands of the creator.