How Can the Music Industry Benefit from Autonomous Cars?
【Summary】According to an Internet-of-Things (IoT) report by EY, a leading international consulting firm, autonomous vessels could bring in an additional $20 billion in revenue from video and streaming services.
Driverless cars will have a massive impact on other related industries, such as travel, insurance and education. Another sector that it could disrupt indirectly is the music industry. In the past two decades, the way individuals listen to music has changed drastically.
In 2001, Apple released the iPod, which set the pace for other businesses, like Sony, to develop a modern, portable device that can store a plethora of content. Today, startups, like Spotify and SoundCloud, have introduced a new way to consume music, via app streaming services. When self-driving cars hit mainstream markets, there will be new opportunities for companies to interact with customers and display their offerings.
Read on to find out how the music industry can benefit from the proliferation of the evolving transportation sector.
According to an Internet-of-Things (IoT) report by EY, a leading international consulting firm, autonomous vessels could bring in an additional $20 billion in revenue from video and streaming services. This is based on a statistic that suggests 22 billion hours of daily media consumption (the keyword here is "daily") will be available when driverless cars become the norm worldwide. Of course, this may take some time to come to fruition (a timeline of 20+ years), as a complete overhaul of the transportation industry (supporting infrastructure, laws and insurance- just to name a few) is needed in order to support millions of autonomous vehicles on public roads.
"The media & entertainment business is shifting rapidly, moving via tech enablement to a place where the consumer is queen or king," said John Nendick, Global Media and Entertainment Industry Leader at EY. "Meanwhile, the advertiser's dream is to understand who their ultimate customers are."
But what about companies that want to profit from the smart car industry in the next five years? PricewaterhouseCoopers (PwC) makes a timely assertion (in a connected car report published in 2015) that in-car entertainment revenue, which includes music, could increase by a whopping 123.3 percent ($6.7 billion to $15 billion) within the proposed five-year timeline.
Completing the IoT Experience
Analysts have predicted that the IoT space will facilitate these changes. Businesses will likely treat autonomous vehicles like a connected device that is linked to the owner's smartphone, public beacons and wearables. Inside self-driving cars, there will also be more useable advertising space, such as the windshield, digital control boards and windows. Because humans will be relieved of their driving duties in the future, thanks to reliable autonomous driving features, the safety of passengers will not be an issue.
Ford is already developing technology to make cars more connected. The automaker filed an "Autonomous Vehicle Entertainment System" patent in March 2016 that would allow passengers to view content from a drop-down projection screen.
"In the end, tech won't seem different whether you are using it at home, at work or the time spent in the car," explained Thomas Müller, Audi's engineer for developing braking, steering and driver-assistance systems. "Whatever you have in your living room, you will have in your ‘auto room.'"
Michael Cheng is a legal editor and technical writer with publications for Blackberry ISHN Magazine Houzz and Payment Week. He specializes in technology business and digesting hard data. Outside of work Michael likes to train for marathons spend time with his daughter and explore new places.
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