Over the last couple months, we’ve written articles about how bands should delete their Myspace accounts, and that the new era of digital music platform supremacy is being fought by services like Bandcamp and SoundCloud.

Earlier in September the London-based music industry analytics company, Musicmetric, released a report on some of the latest industry trends regarding digital music.

The Digital Music Index (DMI) examined aspects of the music business including overall digital growth, social media platforms, and the popularity of BitTorrent downloads. The result is a report with some fascinating insight into new music industry trends.

SoundCloud FTW

One of the most poignant points (in relation to our blog content) is the fact that SoundCloud might in fact be winning the music platform battle.

First off, it should be known that YouTube is by far the most popular service when it comes to new music discovery (that’s a whole other post). However, YouTube has built its following with a wide variety of content, not limited exclusively to the music seeking audience. When it comes specifically to music discovery, SoundCloud is emerging as the next major player.

The DMI suggests SoundCloud is a powerful tool to garner early interest in a band, and that artists are getting plays on the SoundCloud platform well before they gain new fans anywhere else. The analysis suggests new artists who have a lot of fans today across multiple networks actually built up a lot of plays on SoundCloud first.

The DMI goes on to say that artists who gain plays on SoundCloud first are more likely to build up their fan base across other networks down the road. They suggest that the growth can be attributed to the ease at which content can be shared via SoundCloud.

Interactivity (again)

This reaffirms our assessment that the interactivity of the wave-format player makes it a great tool for emerging artists who are looking to interact with their audience.

Clearly from an audience perspective, the ability to comment on, embed, and share tracks, also makes it a powerful tool for new music discovery. From both sides, the interactive nature of Soundcloud seems to have them pulling ahead as the premiere digital music platform.

Lesson of the Day:

If you’re serious about building your career as an artist it might be time to give your SoundCloud account some serious consideration. Are you using it as the interactive tool it’s proving to be? And for those who aren’t using SoundCloud, MusicMetric’s DMI suggests it might be time to hop on board.

 

For more info on the DMI and SoundCloud analysis, I would suggest the following links:

MusicMetric, Digital Music Index

Valeria Bornstein’s analysis on Hypebot