My name is Ugheghe Daniel and I would like to tell you an exciting story about the Alaba International Market in Nigeria. For those unfamiliar with this market, it was once known for being the go-to place for music artists to promote their music by selling CDs and DVDs.They also deal in the creation, duplication and distribution of Music CDs and DVD.
Nigerian artists like P-Square, Burna boy, Tuface, and the likes sold their marketing, duplication and distribution rights of their album to these marketers, as at that time these business men had the power to determine “WHO BLOW AND WHO NO GO BLOW” in the music industry.
However, due to the advancement of technology, CDs and DVDs have become obsolete, leading to a decline in the demand for these products.
The story of Alaba International Market is a prime example of how technology has disrupted traditional markets and businesses. In this case, the market’s primary source of income was selling CDs and DVDs, which were rendered useless due to technological advancements in digital music streaming and online video platforms.
The landscape of music distribution and promotion has evolved significantly in recent years, thanks to advancements in technology and the internet. Musicians and artists now have numerous platforms and strategies to promote their music and make it go viral and global, far surpassing the traditional methods of using CDs and DVDs.These digital and online strategies provide artists with immediate access to a global audience, more control over their content and promotions, and real-time interaction with fans. They have also democratized the music industry, allowing independent artists to compete on a level playing field with major labels and artists.
This phenomenon is not limited to Alaba International Market alone. Many traditional markets and businesses are being disrupted by technology, and it’s becoming increasingly essential for entrepreneurs and business owners to adapt to these changes to stay relevant in the market.
However, the story of Alaba International Market doesn’t end there. While their primary business has become obsolete, the market is not what it used to be as many of the marketers refuse to adopt to the changing times of technological disruption.
This example highlights the importance of embracing change and diversifying business offerings to remain relevant in the market. The future of other markets and businesses will be determined by how well they adapt to technological advancements and leverage them to create new opportunities.
Here are some technologies that have caused disruptions in the music industry and their use cases.
- Streaming Services (Apple Music, Spotify, Amazon Music, Boom Play etc.):
Wide Reach: Streaming services have a global reach, allowing artists to instantly share their music with a worldwide audience. They are accessible to anyone with an internet connection. - Video Streaming Platforms (YouTube, Vevo, etc.):
Visual Storytelling: Music videos on platforms like YouTube allow artists to tell a visual story alongside their music, creating a more immersive experience for viewers.
Shareability: Music videos can easily go viral when viewers share them on social media, leading to widespread exposure.
Monetization: Artists can monetize their music videos through ads, merchandise sales, and other revenue streams. - Social Media (TikTok, Instagram, Snapchat, etc.):
Short-Form Content: Short-form video platforms like TikTok enable artists to create catchy, shareable content, often leading to viral challenges and trends associated with their music.
Engagement: Artists can engage directly with fans through live streaming, stories, and posts, creating a sense of community. - Music Discovery Apps (Shazam, SoundHound, etc.):
Instant Recognition: These apps allow users to identify songs they hear in real life or on other media, helping users discover new music.
Artist Promotions: Musicians can use these platforms to promote their tracks and make them discoverable to users seeking new music. - Online Music Communities (Reddit, Discord, etc.):
Engagement: Artists can actively engage with fans and enthusiasts in dedicated online communities, creating a more personal connection.
In conclusion, the story of Alaba International Market serves as a valuable lesson to entrepreneurs and business owners on the need to adapt to change and diversify their offerings to stay relevant in the ever-changing business landscape. Thank you for reading, and I welcome your thoughts and comments on this topic.
