The music industry is better than ever, at least that’s what Taylor Swift thinks. In a recent OP-ED for the Wall Street Journal, the Grammy-winning / multi-platinum selling singer-songwriter wrote that while things have certainly changed, music will always remain to be a valuable art.
She says the challenges facing artists today, such as declining album sales, ought to be motivation for artists to work harder at producing music that resonates with fans.
In predicting the future of the industry, Swift also suggests that artists who have developed strong fan bases online through social media will be better positioned to receive record deals. And that there will be a lot more overlap and crossover between genres.
Artists will have to regularly look to new ways to engage and surprise their fans because of the nature of instant online sharing. Swift embraced this by incorporating different guest acts into her most recent tour.
Some have criticized the piece written by Swift, citing an understatement of how the support of big brands and two major country music organizations have played a significant role in the success of her and other country artists. On top of that, a winner-take-all market gives a disproportionate amount of sales and revenue to artists at the top of the market.
For artists looking for a takeaway from Swift’s piece, it’s a confirmation of the need to create a strong social media marketing strategy, as well as create a unique experiences for fans. Of course, there’s no formula for making it in tomorrow’s music industry. But when the world’s top selling artist shares some insight, it’s certainly worth consideration.