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.
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
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.”
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
EA Sports FC 24
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
SPEC%20SHEET
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Results for Stage 2
Stage 2 Yas Island to Abu Dhabi, 184 km, Road race
Overall leader: Primoz Roglic SLO (Team Jumbo - Visma)
Stage winners: 1. Fernando Gaviria COL (UAE Team Emirates) 2. Elia Viviani ITA (Deceuninck - Quick-Step) 3. Caleb Ewan AUS (Lotto - Soudal)
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
'The Predator'
Dir: Shane Black
Starring: Olivia Munn, Boyd Holbrook, Keegan-Michael Key
Two and a half stars
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
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Company%20Profile
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THE BIO
Favourite holiday destination: Whenever I have any free time I always go back to see my family in Caltra, Galway, it’s the only place I can properly relax.
Favourite film: The Way, starring Martin Sheen. It’s about the Camino de Santiago walk from France to Spain.
Personal motto: If something’s meant for you it won’t pass you by.
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Tips for SMEs to cope
- Adapt your business model. Make changes that are future-proof to the new normal
- Make sure you have an online presence
- Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
- Open communication with customers to see how they are coping and be flexible about extending terms, etc
Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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6.
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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