I came across an article last week that claimed in the next 10 to 20 years, mid-level workers would go jobless. This is purportedly due to the influx of technological devices, intuitive programs and project sharing.
To a great degree, there is truth in that statement. Technology is influencing everything we do, from communication, architecture, design, travel, finance and entertainment, among other areas. Yet many still believe that old habits could save some of our traditions from extinction.
Take, for example, the music industry, which has been one of the biggest casualties of piracy. Even the instruments used to make music have not been spared. The acoustic guitar has been replaced by the more tech savvy electric counterpart, and so has the keyboard. Sony (SNE, Financial) has particularly benefited from the transition in the technology industry, which has helped it to sell more items in a situaion where only one was required in the past. For instance, in the case of an accoustic guitar versus an electric guitar.
However, per several reviews on some of the top guitars, acoustic guitars do offer something unique when compared to electric guitars. With an electric guitar, things are bound to be easy for beginners because the strings are much softer and thinner. It really does not matter much because everything is electrically tuned and the amplifier does its bit.
However, with acoustic guitars, beginners find it hard to start because they must hit the right notes to produce the right tone. Nonetheless, this fact has also been cited as one of the biggest benefits of using an acoustic guitar.
With the difficulty involved in learning the ropes, it makes musicians better experts in several areas of music, experts say. It also makes it easier to learn and understand how to use any other type of guitar.
Therefore, while technology has proven to be useful in the music industry, it is better used to augment rather than kill.
What changes has music undergone in the last few years?
Aside from the modernization of musical instruments and music production devices, several companies, including Apple (AAPL, Financial) and Pandora (P, Financial), have entered the music industry with innovative products that many people are eager to embrace. Pandora music streaming service charges a fee ranging from $3.99 to $4.99 depending on the type of package. The company recently launched Pandora Premium that will be available for $10 per month.
Apple Music, on the other hand, is a product created by Apple in conjunction with Beats Music to try to rival other players in the music streaming market. However, Apple Music provides both a free (ad-supported service) and a premium service.
With the ad-supported services, this illustrates just how technology has revolutionized the music industry. In the early stages when music streaming services began to crop up in the market, there were fears that this could kill the industry due to cases of piracy and complications in content monetization for musicians.
However, things have been streamlined over the last few years and now look to be headed in the right direction. In this case, it would be ideal to say that the industry has moved from a state of being threatened by advances in technology to a state of augmentation.
As such, technology is now making the industry better rather than threatening to kill it.
Now, from an economic perspective, not all high-tech products help a business to cut down on cost. For instance, in the example of the guitar, the acoustic guitar is much cheaper than an electric guitar and does not need accompanying products like an amplifier and electricity to operate.
Therefore, this means a guitarist is likely to spend less on an acoustic guitar than they are on an electric guitar.
Conclusion
In summary, there has been a lot of talk that technology will deem several products obsolete in the next few years. People are now, unfortunately, falling into that bracket. However, while it would be unwise to ignore the impact technology is having on the workforce and several other areas of the economy, it is true to say that it is creating a lot of opportunities at the same time.
So it is a matter of replacing old opportunities with several new ones. Does that sound like augmentation? I think Apple, Pandora and several other companies that have created innovative products due to technological advances are living proof of that.
Disclosure: I have no position in any stock mentioned in this article.
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