SStreaming services are now creating new direct-to-consumer opportunities for artists and fans, increasing the urgency for music companies to improve their e-commerce platforms. As fans increasingly turn to online experiences to connect with the artists they love, record companies must shift their commercial focus to meet fans where they are.
A patchwork of new technologies is enabling more intimate experiences, but incorporating those opportunities into a coherent e-commerce strategy can be a challenge in itself. There are a lot of new technologies that are revolutionizing the way artists connect with their fans. The first is e-commerce, where companies sell custom, innovative products to fans that can't be found anywhere else in the world. Over time, the artist and fan experience will change, becoming more digital and more connected. We're going to have a better way to communicate and communicate to our fans what they ultimately need.
E-commerce is no longer just an online store that sells physical goods. The music industry is beginning to build a global network that provides fans with unique experiences through online-only concerts, backstage experiences, virtual merchandise, images and videos sold as NFTs, and more. For record companies, the shift in consumer purchasing from record sales to online experiences presents both a challenge and an opportunity to connect artists and fans in new ways.
EY consulting helps music industry clients build global platforms that thrive in a changing digital landscape. EY teams have long thought about how technology can create more direct connections and more modern interactions with customers as we expand our relationships with artists. . The music industry is currently going through some very interesting and turbulent times. People don't want to buy physical things anymore. They want to buy an experience. Artists don't just stand on stage, they communicate who they are on social media.
The winning company will be the one with a robust e-commerce platform that can collect all the different data. And at the same time, evaluate your data and create actionable insights. This is about understanding the wants and preferences of your customers and fans. Then analyze this data and harness its power to create content and campaigns that are relevant to your customers.
