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I would like to share another interesting article I recently came across:

http://blog.sonicbids.com/what-will-the-music-business-look-like-in-2020-5-predictions-from-industry-insiders

In it, a number of industry professionals try to guess some of the main trends that we will see in the next few years. It’s a short and interesting read that I suggest you to check out.

There are no big surprises here, but it is interesting to see one more confirmation of ideas and concepts that we’ve been discussing on Life in Music for quite a while now.

  1. The central element for success will be quality music;
  2. Law and technology will be aligned to guarantee fair payments to right-holders;
  3. The most successful acts will be DIY artists that will leverage technology and connectivity;
  4. A number of different revenue streams will have to be developed for careers to be successful. Streaming will gain more weight but center stage will be taken by touring and brand monetisation (mostly with merchandising).

There seems to be wide consensus on how the future will look like, but I am pretty sure that some surprise elements will emerge that nobody had predicted. For this reason one key skill will be the ability to listen and an attitude of openness to new trends and technologies.

It is my firm belief that these key trends will all be true in the future, but a lot of artists/music companies will still fail to realise their full potential because, once these “new rules” will be settled in everybody’s game, the key factor will be how good one is at the key skill of EXECUTION. How things get done will be even more important than WHICH things get done! Quality therefore will be a needed-to-win skill not only in terms of music, but also on the business side of the activity of music creation/commercialisation.

Last but not least: the future is, in great part at least, already here now, so the minimum artists can do nowadays is to equip themselves with knowledge, tools and support needed to play in this new environment. All this paired with an open mind and the readiness to change course, probably many times over, when new breakthroughs occur.