The world has changed and how? Especially with the explosion of digital technology, the world has undergone a metamorphosis of sorts unimaginable two decades ago. The internet has changed the way we view and consume the world. This happened especially after we shifted to 4G technology. Youtube and other free portals were available but streaming was slow and so viewership was limited. 4G changed all that.
The music industry turned topsy-turvy. Cassette and CD sales declined and died a natural death. Who’ll buy them when you can see and hear your favourite songs online on portals like YouTube. As views increased by the day YouTube started to get traffic in millions, naturally, the media made their way in that direction and ad traffic increased exponentially. And as revenue increased YouTube started to pay for views it garnered.
The metamorphosis was complete. As the multiplex changed the collection game for the film industry, YouTube changed the game for the music industry. Today music companies invest heavily in music videos and release their songs on YouTube. Within a few days, the videos get views in millions and get the cash registers running for these music companies. This has become big business now and views not sales drive it. The success or failure of a music release is decided in a couple of days and money is made overnight unlike before.
This has also increased the reach and size of the music industry as almost anyone sitting anywhere in the world gets immediate access to their music and decides the fate of the music launch. Other avenues like OTT platforms have evolved taking a lead from the success of YouTube and relying on views garnered for their success. We can only imagine the explosion which is anticipated with the coming of 5G but we can be sure YouTube and other OTT platforms will experience a boom hitherto unimagined.