What is Artificial Intelligence in a digital music world? How does AI help personalisation and user engagement for a streaming service? How have companies such as Epidemic Sound improved their user experience using Musiio AI music technology?
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Musically recently published this report about the Chilean music market. Chile’s recorded music Market gained its 11th straight year of growth in 2020, according to local Music Ally sources, helping to cement its place as one of Latin America’s most vibrant digital music industries. While Chile took to streaming relatively late, this industry is performing well with a 56.2% income growth in 2020. The leading digital music services in Chile are Spotify, Apple Music, Deezer and YouTube Music. But March 2021 saw the launch of a new competitor called PortalDisc, the first 100% Chilean music streaming service.
It's no secret, pandemic or no pandemic, streaming is the predominant form of music consumption today. No doubt, the Western music streaming world is dominated by services such as Spotify and Apple Music that offer an ‘everything for everyone’ menu. We are, however, witnessing a rise of services that dig deeper and offer a specialist take based on geography, genre or even leisure activity. In fact, Spotify’s revenue growth is slowing down, partly due to the rise of local services in emerging markets. Taking all of that into consideration, is music heading in a similar direction to the TV world where consumers are prepared to pay for a range of different subscriptions with different types of content rather than just sticking with one option?