These days, surprise is a powerful way of selling music. Years ago, singles would receive airplay weeks before release and albums would be trailed months in advance. But no longer.
Last week's unveiling of Taylor Swift's second album of 2020, Evermore, was the latest example of a high-profile artist releasing (or, in modern parlance, dropping) music on an unsuspecting public, and urging them to listen straight away on their favourite streaming platform.
This is one of many radical changes to the music industry that have been facilitated or forced by technology. Digital culture and global connectivity have arguably had a bigger impact on the music business than any other.
With that in mind, here are 10 things that have changed forever.
Music has become cheaper
The record company executives who once urged the public to stop recording albums to cassette could never have foreseen the industry tailspin caused by the making and sharing of mp3s.
Today’s music business, dominated largely by low-cost subscriptions to Spotify, YouTube and iTunes, has been entirely shaped by the ability of people to steal music if they really want to. And piracy is still a problem; stream-ripping (making offline copies of songs from streaming sites) has surged over the past three years as people try to avoid monthly payments to the likes of Spotify.
The public, it seems, still wants music for nothing.
It’s become easier to make
Technology has revolutionised music production. What was once seen as a black art is now in the hands of anyone with a computer, as software and hardware join forces to enable an extraordinary wave of creativity.
It’s easier and cheaper than ever to make something that sounds impressive, and every day hits are being created, made and distributed from people’s bedrooms.
Their talent is discovered directly across Instagram, TikTok and other social media platforms. Meanwhile, more established artists are exploring the cutting edge of music creation using gesture, touch and AI. No piano lessons needed.
… and to make available
Anyone can put their music on streaming services. Anyone can sell it via iTunes, Bandcamp or any number of other online outlets, to anyone in the world with an internet connection.
In theory, at least, the playing field has been levelled by digital technology, and all musicians have a global reach. But it’s that oversupply which has caused a slump in the price of music.
In the words of digital activist Cory Doctorow: “There are more people who want to make art than the market would support, and the arts are a highly concentrated industry: combine these two facts and you get a buyers’ market.”
Consumers are spoilt for musical choice
The celestial jukebox of music streaming is the result of that buyer’s market. Everything you could ever listen to, for a monthly fee. It exists thanks to a perfect marriage of internet networks, wireless connectivity, smartphones, technological ingenuity and lots of contractual wrangling with record companies. And people love it.
In the US in 2009, music streaming represented 5 per cent of the industry's revenues. In 2019, that had grown to around 80 per cent. Who needs to own music anyway?
Radio and television are taking a back seat
The streaming playlist has been taking charge, making sweeping decisions about what we should listen to next. One study discovered that playlists account for 31 per cent of listening time, compared to 22 per cent for specific albums. The algorithm, it seems, knows what we want better than we do.
Our listening habits aren’t a secret anymore
Streaming services know what artists we like, what time of day we listen and which tracks we skip. Our obsession with Bruce Springsteen or Ariana Grande becomes a data point. That data is invaluable to the industry, who use it as a marketing tool to make up for the loss of sales revenue. Decisions about touring, merchandising and even music itself are made from that data.
Music is changing shape
Songs and albums are morphing as a result. As tracks with slow build-ups tend to get skipped, the average length of a song intro has fallen from more than 20 seconds to around five. Albums are becoming longer, with more songs, to increase the chances of being picked up by the algorithm. And as our attention spans drop, songs get shorter.
The industry’s main threat: from gaming?
Baby boomers and Generation X were permanently hungry not just for pop music, but all forms of popular culture. Generation Z, meanwhile, have more than enough of it. Today’s entertainment markets are saturated with videos, games, podcasts and much else besides. When it comes to leisure time, it’s harder than ever for music to get a look-in.
Vinyl has become unexpectedly cherished
In 2018, physical media began to outsell downloads once again. The ubiquity and disposability of digital music made people – particularly the younger generation – yearn for an object they could touch, hold and put on display. Vinyl and even cassettes saw a resurgence in popularity.
Musicians get more money (proportionally, at least)
In 2017, according to a report from Citigroup, just 12 per cent of the music industry's $43 billion revenue went to musicians. Before the internet came along, it was 7 per cent.
But it’s still a very small slice of the pie. There have been a number of campaigns to raise awareness of the raw deal that musicians get, most recently #BrokenRecord. But Doctorow sees the outlook as bleak.
“[The tech business and music business] may squabble over how much of the money from art goes to which industry, but they're both in firm agreement that as little as possible of that money should go to the artists who created the work that they're selling.” Some things, it seems, never change.
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Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
Company%20Profile
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Company profile
Company name: Dharma
Date started: 2018
Founders: Charaf El Mansouri, Nisma Benani, Leah Howe
Based: Abu Dhabi
Sector: TravelTech
Funding stage: Pre-series A
Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
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Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
COMPANY%20PROFILE
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Schedule:
Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
Sept 28: Final (Dubai)
Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
On sale: now
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
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