Subscription services are all the rage today, especially in the music industry. Companies like Pandora and Spotify have been generating recurring revenue from subscriptions for several years, suggesting there is a major opportunity for artists to skip resellers and streamline offerings directly to subscribers. This innovative concept is being carried out by Marshall Crenshaw.
Crenshaw said he has always been very intimate with the music he makes but has always classified himself as a “singles guy,” who is often more intrigued by individual songs than entire albums. For this reason, among others, the veteran singer/songwriter launched a service that will provide subscribers with new singles from several three-song 10-inch vinyl EPs that will be released over the next two years.
“I’m looking forward to creating a steady output of music in small batches, rather than being stuck in a cave for months and stockpiling a whole bunch of music and dumping it out all at once,” Crenshaw said. “Now, when I finish something, I get to put it out, instead of having to wait until I’ve got 12 more [songs].”
Subscribers to Crenshaw’s EP service will also be able to download digital versions of each release.
There is no doubt that the subscription music industry is taking off, as providers of all sizes launch services to appeal to next-generation listeners. Companies that want to remain competitive with artists like Crenshaw who are going directly to consumers should implement an innovative subscription management platform that provides decision-makers with unique insight into customer activity.