Disrupting the $100 Billion Industry
With the Pandemic forcing people to look at digital mediums for staying healthy, Music has slowly started making a big dent in the $100 Billion Wellness space
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Hi Everyone,
The Pandemic has not been easy on anyone. Physical and Mental wellness has been difficult to conquer as everyday stress takes its toll on people. Last week we talked about how listening to new music can be hard in these stressful circumstances.
But today, we look into the coming together of neuroscience and entertainment industries, something that is helping individuals manage stress and physical health.
How exactly? Wearable Technology.
Wearable technology has started to revolve around the use of neuroscience to further the cause of mental and physical wellness. But what exactly are “wearables”?
Wearables are the everyday smart devices that we engage with such as smartwatches, shoes, glasses, clothing apparel- you name it.
This accelerated wave of digital health solutions and the exponential advancement of wellness tech is changing how humans can take care of themselves.
We are migrating from old-school sick care to personalized, proactive, and democratized health care. That means more effective and low-cost systems for more people around the world.
But how is the music industry involved in this space? And how is it disrupting this $100 Billion Wellness space?
Let’s get into it 👇🏻
We are entering the Decade of Sound, one that will feature ongoing real-time and multivariable predictive analysis by sensor-rich ‘hearables’ and wearables.
Unlike the traditional healthcare system where patient compliance is guaranteed, these businesses rely on customer retention. In the direct-to-consumer digital wellness market, compliance = user engagement.
This is where Audio comes in.
Audio is quickly becoming a primary format for delivering both content and digital therapy. And music- the crown jewel of audio, is slowly making its way to the top in both categories-Physical and Mental wellness.
Pairing quality music and desired outcomes with a real artist, a trusted personality, or a familiar piece of music, can help listeners be more engaged and give a wellness platform a competitive advantage.
The use of music and music-infused solutions by wellness brands is rising steadily and creating a more robust and higher-fidelity audio ecosystem on the way up.
Whether a company’s motivation is to differentiate itself in a noisy market, increase user engagement, or create greater efficacy, futuristic wellness platforms are starting to buy into this idea.
Music is created for maximum emotional engagement, and soundscapes are produced for certain functional music applications- focus, noise masking, sleep preparation, anxiety reduction.
This helps individuals to cope with their mental issues, something a lot of wellness apps are trying.
On the other hand, explosive and engaging music is used in physical wellness applications to trigger motivation, strength, and help with movement.
While music is a great medium, it also comes with its complications. What “good music” is to me, might not be another person’s preference. It is highly subjective.
But because it is highly subjective, artists from across all genres have been able to create music that truly engages the audience and helped them design their music to trigger inspiration, motivation, connection-building, catalyzing physical movement, or shaping a narrative in the mind of the listener.
There is a vast library of music for the user and because of the subjective nature of music, the artists have also been able to explore their talents. In the end, there is always something for every segment of the audience.
Major music and media companies are also realizing the importance of providing healthy alternatives to a rapidly growing audience looking for solutions beyond traditional entertainment to cope with their mental stresses.
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Let’s have a look at some of these companies tapping into the intersection of Music and Digital Wellness 👇🏻👇🏻
1) Universal Music Group,
The world’s biggest record label and Calm app have partnered to create 60-minute versions of popular songs exclusively for the Calm app and their “Sleep Remix Series.” The program launched on International Sleep Day on 19th March.
Major artists already committed to the series include Katy Perry, Ariana Grande, Jhene Aiko, and Shawn Mendes.
They also house A-list Pop Stars like Kygo and Sam Smith.
2) Headspace
This British startup formed in 2010 as a meditation events company, and currently valued at around $320 Million, is also going all-in into this space.
They signed R&B singer and actor John Legend in their roster as their Chief Music Officer. Headspace and the popular animated TV show for kids- Sesame Street premiered “Monster Meditation”, in spring 2020.
And on January 1, 2021, Headspace launched the first “Headspace Guide to Meditation” episode on streaming giant Netflix. Check out the trailer here 👇🏻
3) Peleton
With the support of a stronger music integration strategy, this fitness brand saw its popularity skyrocket during the pandemic.
With the number of people paying for its app increasing by 4x, its stock increased almost 500% since its IPO in 2019 🤯
Pelton quickly became a giant after they put veteran interactive music executive Gwen Riley as their SVP.
Riley understood the connection between artists and fans. She ramped up their Artist Series & Artist Rides with new weekly offerings to position Peleton as an artist-centric music and fitness platform.
Starting with a multi-year deal for megastar Beyoncé, the company created a series of themed workout classes and established their own Ultimate Remix collection of music by legends such as Elvis, reworked by popular DJs such as Outkast’s Big Boi and DJ Dillon Francis.
With the increase in consumer demand for music and the need for alternative wellness, employee motivation, and productivity solutions; individuals and companies alike are looking for more engaging, fun, and validated ways to successfully integrate music into their offerings.
Applications like Headspace and Calm App have seen a surge of new members following the Covid lockdown protocol. Headspace saw a 500% increase in partnership requests between mid-march 2020 and the end of August, with more than 1100 companies enrolled in their Headspace for Work program.
But why are more people and companies joining these programs and using these apps?
This convergence is happening at a time when our collective global community is more stressed out than ever.
New data from the Centers for Disease Control (CDC) reveals more than 30% of American adults cited symptoms of anxiety or a depressive disorder and nearly 11% seriously considered suicide in June of 2020.
These applications provide guided meditations, mindfulness practices, breathing practices, digital sleep aids, and at-home movement and exercise programs.
Although mental disorders are serious conditions that should be treated by professionals, many cannot afford the luxury of getting professional help as it is very expensive.
Our take on this?
Music to relax to has been on the rise in this decade and without a doubt, it is one of the most inexpensive tools which is used by people across the globe to help them relax.
With multimillion-dollar investments, applications like Headspace and Calm have created a healthy environment that is proving to be helpful for neurodivergent individuals as it furthers the cause for mental and physical wellness.
The pandemic has also had a big impact on how people spend their money. Many people have lost jobs, friends, and family members.
This helps the people who cannot high prices of professional help and provides alternatives to manage physical and mental problems. And that is something that should be encouraged and celebrated 👏🏻
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