60hz Insights // How is music being consumed and what to look out for?
to kill the radio star!
Last years statistics show that video has accounted for 55% of music streams with audio-only streaming taking up 45% (25% of which is 'paid'). Remarkably, 46% of all of these streams are accounted for by YouTube.
What this proves is that we have an audience that want to primarily consume music visually.
For some of us that can be hard to understand but as musicians and artists, we forget that it's often technology that is driving the art and not the other way around. Whether it's integral to the creation process, like the Sampler was to Hip Hop or audience driven technology like YouTube on your mobile. For example, Pharrell's song 'Happy' was actually released over a year before it became a number 1 - only after it's success on screen in Despicable Me and the 'fan-created content' shared after that caused it to go viral.
To back that up, according to a global study video generated 1200% more shares than text and images combined since 2017.
Instagram launch new video platform & live-story music embeds.
In an effort to compete with YouTube's giant share of streaming, Instagram (which is owned by Facebook) have created a platform called, IGTV. A new 'vertical-form' video platform which will likely become more and more important for us as creators and musicians. It will allow creators to produce 4K vertical videos that are significantly longer than the current limit of 60 seconds and eventually push toward hour long videos.
Instagram has already seen a large spike in it's own share of the market this year and this move further enhances it's position as the 'Creator's' platform and undoubtedly have significant money thrown at it to become successful.
All good stuff for Facebook but why should I care?
In the past year, there have been significant changes to the way in which users find or are found via posts and pages on social media. Working much more as a Search Engine, the algorithms are now very similar to that of Google's and if you want to be 'found' by an audience then you have to be seen (by the algorithm) to create 'relevant and high quality content that your audience demands'. The better at this you are, the higher up on scale you become.
And (yep, you guessed it!) in keeping with IGTVs new concept, longer duration videos are perceived as higher in quality and therefore boost your rank and subsequent exposure.