The music industry is facing a massive wave of new technology that will allow music companies to cut costs, stream live music more quickly, and install and manage their music streaming platforms more easily, according to a new report.
The report, by Bloomberg Intelligence, says companies are scrambling to catch up to the rapidly evolving world of digital music.
It is the latest sign that music companies are struggling to keep up with the rapid evolution of new music streaming services.
The music industry’s new generation of devices and software has enabled them to stream and record live music on a massive scale.
It also has given them an edge in marketing, the report says.
For instance, Spotify, the largest music streaming service in the world, has had a tough year, losing $50 million in revenue last year.
Apple Music, which launched in January, has been hit hard with music streaming lawsuits and a new lawsuit from Sony Music that is threatening to derail its upcoming merger with Apple.
The companies are currently facing an uphill battle to keep their businesses afloat and to get the next generation of music streaming devices out the door.
The Bloomberg report says the record industry is experiencing the same sort of rapid technological change as other sectors.
For instance, it says that companies are adding new recording software that can record and store music at lower latency, reduce data caps and more easily manage music files.
It says the industry is also increasingly turning to software-based cloud recording and playback.
The industry has also been trying to figure out how to get rid of the bulky record players that used to be used by many artists.
The new streaming devices and devices with wireless connectivity have also given the industry more control over its content, the Bloomberg report said.
In some cases, the companies have made significant investments to bring in software engineers who are experts in the new technology and its applications.
But the report also said that there is a growing concern among industry executives that these investments could make it more difficult for the companies to quickly deliver their music-streaming services to customers.
Bloomberg Intelligence says the music industry will continue to innovate, with companies like Apple, Google, Spotify and Amazon trying to build new ways to stream music and make music listening simpler and more convenient.
The report also says the companies are increasingly relying on cloud-based music-sending services to provide their services, and that there are some companies in the industry that are trying to cut down on the amount of music they use to get their services out.