How Tech is Creating New Revenue Streams for Artists
Artist: Piff Marti
Written By: Kierstyn Pryor
It's 2023, and as technology continues to evolve, musical artists are evolving too. Through various social platforms and tools that facilitate promotion, artists can now excel in multiple ventures. Clothing brands, books, restaurants, podcasts and cosmetic lines are just a few examples of the greatness artists can achieve using technology. Multiple streams of income are something many people have begun to explore, so let's take a deeper dive into how your favorite artists are doing it.
Streams entered the musical realm in 2005, changing the narrative of music forever. What used to be a time when artists had to go above and beyond to sell their mixtapes and CDs is now an era where artists can receive credit for their music and more through apps and other forms of technology. Streaming platforms are a strong example of how artists have a lower barrier of entry into music and can diversify their profits. Spotify, Tidal, Apple Music, Amazon Music, and others have built platforms where artists' voices can be heard from anywhere. However, artists probably never realized what the future of these apps had in store for them.
Starting in 2021, Spotify opened its market to create revenue streams for artists' merch and shows. For example, the prominent streaming platform has a section below an artist's music where you can find their merchandise as well as their next show date near you. If the artist has a show happening in your city, the app will provide the precise link for you to purchase a ticket directly. This has allowed many musicians' ticket sales to skyrocket, as you don’t have to look up tour dates for your favorite artist anymore. Spotify will send a direct notification to your cell phone stating that your most-listened-to artist is having a show near you very soon!
Since this amazing update, other platforms have branched out to do the same thing. Amazon Music is a streaming company that also allows fans to make certain purchases while listening to an artist.
Furthermore, artists are creating their very own lanes and streams of income by starting their own labels, creating content specific to their audience and becoming shareholders or owners of streaming platforms. For instance, one of the biggest-selling artists in Hip-hop, Jay Z, founded one of the biggest streaming companies, Tidal. This shows that in the last few years, many musicians have been able to acquire success by building new revenue streams using technology.
Another way artists use technology is through partnerships and collaborations with brands. Clothing companies develop successful partnerships to promote clothing and the artist's brand as well. Examples of this are Fashion Nova collaborations with creatives like Cardi B, Megan Thee Stallion, and more. Other brands such as Adidas, Reebok, and Tiffany & Co., are also known for their brand partnerships with artists. These collaborations are huge for artists as they generate revenue streams and allow artists to receive much more media attention. Due to brand deals, artists' music can receive the recognition it deserves.
As an artist, what ways do you plan to take over the world and create more streams of revenue for yourself?