Transformation of the music industry: impact of social media and new technologies

Abstract

The article examines the evolution of the music industry within the discourse of technological and social conditions, particularly the impact of social media on music consumption as a whole, leading to the disintegration of traditional business models in the music sphere. Emphasis is placed on the evolution of the music industry in terms of its gradual decline, with reasons for this phenomenon identified, including the expansion of file sharing and streaming services, which have revolutionized access to music. The role of social media in this process is explored, providing musicians with new opportunities for audience engagement and content promotion. The music industry is facing a disruption of its business model, driven by changes in music consumption habits through the internet. Competition from internet platforms enables free music consumption and new marketing opportunities through social media. Contemporary social media platforms like “Myspace”, “ReverbNation”, “iLike”, specializing in music content, play a significant role in the dissemination of music in the online world, particularly for independent musicians. Other networks also provide artists with the ability to share their music and receive feedback from fans through various tools. The modern era of the music industry underscores the ease of access for musicians to media technologies for creating and expanding their music, fostering active interaction between them and their audience. The use of social media allows bypassing traditional intermediaries and focusing on talents and individual styles. These platforms also contribute to the development of new musical genres. Further research considering geographic and genre differences is necessary for a better understanding of the impact of social media on the music industry.