The media is an essential component of society. Specifically, newspapers and music form an integral module of numerous societies across the world. The art of music usually thrives to feed the human soul while also painting a layer of emotions via songs. Music has been and remains a huge inspiration to the cultural activities in various communities. Both music and newspapers perform an informative role in societies. During the previous decade, newspapers encountered various challenges including limited protection, curtailed freedom, and financial problems. However, the increasing technological advancement for purposes of production and distribution of content has changed the situation. Digitalization and changes in technology and socio-cultural aspects of society creates opportunities upon which music and newspaper industries establish new models of doing business while also increasing the quality of music and journalism. Besides, integration of the streaming services and live music industry provides the potential for extensive growth of the future music industry. There, the digitalization, as well as changes in technology and socio-cultural aspects and the integration of the streaming and live music industry, provides sufficient proof that the future of both music and newspapers is safeguarded.
Digital innovation in the music industry is evidenced by the emergence of digital music in 2004 (Naveed, Watanabe, & Neittaanmaki, 2017). The digital music offered the industry with extensive and new disruptive modes of business and new products and services for the satisfaction of the ever-changing tastes and preferences of customers. This trend is expected to continue rising in the future. In this innovative approach, America has a leading role while the country as a whole has also had an essential duty in both the production and consumption of music products. Additionally, artists have a bigger platform as they can reach audiences over online platforms and sell their music. According to Naveed, Watanabe, & Neittaanmaki (2017), the renaissance of the live music industry significantly increased revenues in the industry since 2010 and is expected to continue rising. Between 2010 and 2013, there was a 15% rise in revenue and rose to around 30% in 2015 (Naveed, Watanabe, & Neittaanmaki, 2017). This is a clear indication that the live music industry is an essential prospect for the rise and development of the future music industry. Live music has gained popularity and volubility in recent times due to the fact that it blends well with the fans as they have the opportunity to experience music first-hand, something that is not possible with either online or recorded music (Naveed, Watanabe, & Neittaanmaki, 2017). So, the music industry has increasingly shifted to live music value chains. Live music provides confidence in the positivity of the future of the music industry.
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"The Future of Music and Newspapers".
Various changes in both technology and socio-cultural practices offer a bright future for the newspaper industry. Technology has changed the way and speed upon which journalists make and distribute contents. The rapid changes in technology and socio-cultural activities have presented the newspaper industry with a new business model. Rothmann & Koch (2014) report that technology has enhanced the quality of journalism, an essential component of democracy both today and in the future. Technology has influenced the perception of newspapers among different communities, which have accepted newspapers as a crucial source of information. Increased acceptance has been enhanced by enormous and ease of accessing newspapers on the internet. Besides, changes in technology in production has improved the creativity and quality of content creation. Therefore, it is evident that cultural and technological changes offer newspapers an illustrious future.
One potential factor that can work against the excellence of the music and newspaper industry is the huge cost of technological innovations and live music. The high cost of adopting new technological innovations can impact other components of the business. However, the profitability that comes with appropriate investment in technology is usually worth the investment. Strategically, it is a good idea to invest in a profitable business idea. The enormous benefits of adoption of technological innovation in the music and newspaper industry to the consumers and producers make technology a suitable investment.
- Naveed, K., Watanabe, C., & Neittaanmäki, P. (2017). Co-evolution between streaming and live music leads a way to the sustainable growth of music industry–Lessons from the US experiences. Technology in Society, 50, 1-19.
- Rothmann, W., & Koch, J. (2014). Creativity in strategic lock-ins: The newspaper industry and the digital revolution. Technological Forecasting and Social Change, 83, 66-83.
