
Curiosity may kill the cat, but for musicians, it’s often a launching pad for creativity and innovation. In 2023, OpenAI’s powerful ChatGPT artificial intelligence tools are developing rapidly, and technologies such as Midjourney and Dall-E provide content creators with the ability to truly become a one-man band or one-man production studio.
Keeping up with the rapid advances in technology and its impact on related industries can be a challenge for the average busy person, and one of the goals of Water & Music is to provide music industry professionals with a more research-backed way to examine, Discuss and try out new technologies.
In episode 19 agenda In the podcast, hosts Ray Salmond and Jonathan DeYoung speak with Cherie Hu, founder of Water & Music – “an independent newsletter and research community with a mission to make the music industry more innovative, collaborative and transparent.”
change is inevitable
When asked about new changes in the music industry, Hu admitted that “the old music industry was very much driven by a small group of gatekeepers,” saying the pandemic, new technology and maybe even some awareness in favor of Web3 form. Movement will ultimately change that.
“I think this pandemic has woken up a lot of people,” Hu said. “I think this encourages people to be more proactive in speaking out and advocating for the changes they want to see.” She added:
“A lot of the most critical, deeply critical conversations I’ve heard about streaming have happened in the last three years, simply because, due to the pandemic, artists have had to rely basically entirely on digital resources without having to tour. Break-even revenue. And then they look at their streaming checks and say, ‘This is it. I can’t live on this.’ So there’s a lot of activity around alternative models for monetizing music in the digital environment. Productive conversations. Of course, Web3 plays a huge role in that.”
Historically, entering the music industry meant artists either needed to know the right people to get picked up, or be able to fund their efforts in a way that created enough ripples to reach a wider audience. Hu believes that in the traditional music industry, “a lot of the mechanisms haven’t really changed in the past 10, 20, even 30 years,” but she also acknowledges that new technologies offer creators new ways to circumvent them altogether. The traditional path to success.
nonsense:
“The way culture develops, especially if you look at apps like TikTok and the impact that ecosystem has had on music culture and what music, what songs become popular, you see it’s growing so fast. The music industry The unfortunate thing is that the financing element hasn’t caught up.”
Hu says Water & Music is eager to take a more analytical approach to understanding how the music business is evolving and how emerging technologies are impacting it.
“So when we think about new music businesses, we’re definitely focusing on new technologies that enable people to participate in the music industry. You know, whether it’s creating music, marketing music, building a community around music, or bringing it to life in a whole new way Monetization. We’re interested in the whole stack.”
related: 5 artificial intelligence trends to look forward to in 2023 and beyond
Web3 ideas and practices could become an epidemic in the music industry
Blockchain-based games, non-fungible token collectibles and other Web3 gimmicks were all the rage in 2020 and 2021, when the broader cryptocurrency space was in the midst of a bull run, but host Salmond wonders how relevant these strategies are today , especially in the music industry.
Hu explained that for games, currently “there’s more opportunity to build an experience than to monetize it and build a business out of it. I would say that for a lot of independent artists, that element is still missing and it’s still challenging .”
The infrastructure, time, and overhead required to build an entire world is labor-intensive and hasn’t necessarily proven to be sticky, except for major gaming platforms like Roblox. A more pragmatic opportunity for artists might be simultaneous licensing, Hu explained. According to her:
“Sync or sync licensing is a music industry term that refers to licensing music for any type of audio-visual multimedia experience such as a movie, podcast, or game. There are actually a lot of mobile games out there, especially I think this could be where music and games partnerships One of the areas that is untapped. You usually think of big games like League of Legends or Fortnite, but there are a lot of emerging mobile games, many of which are specifically built around music, that are looking to collaborate with the music industry. ”
I would like to hear more from Mr. Hu agenda – Includes her more in-depth explanation of how subscribers can benefit from research published by Water & Music – Listen to the full episode on Cointelegraph’s podcast page, Apple Podcasts or Spotify. And don’t forget to check out Cointelegraph’s full lineup of other shows!
related: The new CEO of the AI music platform said that AI music has plunged traditional industries into “panic”
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