How is social media changing the music industry?

In this episode of The Next Stage, Overtune CEO Sigurdur Arnason and Nick Gatfield, the former CEO of Sony UK, discuss how social media platforms – TikTok in particular – are driving innovation in the music industry.

Sigurdur and Nick examine how these platforms are democratising the music industry by making it easier for anyone to create and share music, leading to new opportunities for both established and emerging artists.

The CEOs also discuss how these platforms are changing the way music is licensed and, ultimately, monetised.

For example, around 100,000 songs are uploaded to Spotify on a daily basis. We live in an era of unprecedented choice driven by social media and the democratisation of music-making tools.

However, in Nick’s opinion, about 99,000 of these are usually “ambient noise or poor quality”. One thing that will never change about the music industry, said the founder, is that creativity and talent are still required in order to make good music.

Sigurdur Arnason, CEO at Overtune, and Nick Gatfield, founder at Twin Music, were in conversation with Inês Henriques, a radio presenter at Antena 3, on the MusicNotes stage at Web Summit 2022.

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Main image of girl wearing headphones and listening to music: Ground Picture/Shutterstock