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Kusek music business 2012
The document discusses the evolution of the traditional music business model. It notes that recorded music is no longer the primary economic driver and that new models are needed. Artists will need to leverage live performances, publishing, merchandise, licensing and new digital opportunities to make money. The future of the music business belongs to artists who can connect directly with fans.
Kusek music business 2012
- 1. The Evolution ofthe Music Business Dave Kusek Managing Partner digitalcowboys.com dkusek@digitalcowboys.com © 2012 David Kusek
- 2. The Traditional Music Business + Recording + Writing + Performing + Licensing © 2012 David Kusek
- 3. What kind ofMusic Business are we going to have in the Future? + The label model is no longer dominant. + CD sales have collapsed. + Where are the new formats? + Digital recording revenue is not enough. + Touring profitably is a challenge. © 2012 David Kusek
- 4. The Good News: People love music + We just can’t get enough. + Music consumption is at an all time high. + More music is being produced each day. + Illegal music channels are drying up. + Legal digital channels are expanding. © 2012 David Kusek
- 5. The Bad News: Recorded music is no longer the driving force + New ways of thinking about music and commerce are required. + Economic engine of the past 70 years has run out of fuel. + This is a big change for the entire music ecosystem. © 2012 David Kusek
- 6. A band thisbig will never happen again. © 2012 David Kusek
- 7. How Artists make Money + Live performances. + Distribution of recordings. + Publishing of songs. + Selling merchandise. + Licensing intellectual property. © 2012 David Kusek
- 8. Who Controls theRevenue? + Recordings - Master recordings and distribution. + Songs - Composition and publishing. + Performances - Live and recorded. + Merchandise - Branded articles. © 2012 David Kusek
- 9. Copyright Law Grants Rights to: + Reproduce the work. + Make derivative works based on the original. + Distribute copies of the work. + Publicly perform the work. + Publicly display the work. + Publicly perform audio recordings by digital transmission. © 2012 David Kusek
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- 11. Performance + Clubs and concerts + Sponsorships + House parties + Streaming + DVDs and digital events © 2012 David Kusek
- 12. Challenge: How to make performing less expensive? © 2012 David Kusek
- 13. Challenge: How to transfer the energy of a live performance to digital? © 2012 David Kusek
- 14. What kind ofnew digital products and experiences will we create? © 2012 David Kusek
- 15. Recording Interest in music Production is at an all time high and is reinventing what we call “music.” © 2012 David Kusek
- 16. Recording and Production + Create recorded masters. + License, work for hire or DIY. + Sampling, remixing and mashups. + Royalties and advances. + Production and distribution. © 2012 David Kusek
- 17. Distribution + Physical CDs, DVDs, USB Keys. + Digital Downloads on iTunes and Amazon. Streams on Spotify and Rdio and Mog. + Embedded into products. + Mobile delivery. © 2012 David Kusek
- 18. Mobile Music Appsand Games © 2012 David Kusek
- 19. Publishing Ownership and Rights © 2012 David Kusek
- 20. Publishing + Mechanical royalties on recordings. + Public performance: live, radio, TV, digital transmissions. + Synchronization – TV, film, games, ads, ringtones. + Print - sheet music, lyrics. + Royalties and advances vs DIY. + Copyright and administration. © 2012 David Kusek
- 21. Merchandising + Clothing + USB/digital products + Posters/art + Food + Collectibles + Stuff © 2012 David Kusek
- 22. Licensing + Name and likeness + Endorsements + Commercials + Sponsorships + Entrepreneurial ventures © 2012 David Kusek
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- 25. New Artist Model + Create a business around yourself. + Own your masters and publishing. + Secure sponsors to generate cash. + Purchase the services you need. + Connect directly with your fans. + Use interactive and integrated marketing. + Create multiple revenue streams. + Control your career. © 2012 David Kusek
- 26. New Artist Model ©2012 David Kusek
- 27. Direct to FanApproach to Marketing • Encourage engagement and monetization between artist and fans. • Internet can amplify your music & message directly to a larger, more targeted group of potential fans. © 2012 David Kusek
- 28. Top 10 Truths that will Guide the Future of Music © 2012 David Kusek
- 29. Top 10 Truths that will Guide the Future of Music The record business is not the music Music matters more than ever. business. Artists are the brands and Artists and their managers will entertainment is the attraction. shape the future. Publishing income is crucial for the People discover new music online future. and from each other. Digital niche marketing Customers demand and get outperforms mass marketing. increasing convenience and value. The pricing model goes out the New models will embrace a more window. dynamic view of music. © 2012 David Kusek
- 30. Top 10 Truths that will Guide the Future of Music The record business is not the music Music matters more than ever. business. Artists are the brands and Artists and their managers will entertainment is the attraction. shape the future. Publishing income is crucial for the People discover new music online future. and from each other. Digital niche marketing Customers demand and get outperforms mass marketing. increasing convenience and value. The pricing model goes out the New models will embrace a more window. dynamic view of music. © 2012 David Kusek
- 31. Top 10 Truths that will Guide the Future of Music The record business is not the music Music matters more than ever. business. Artists are the brands and Artists and their managers will entertainment is the attraction. shape the future. Publishing income is crucial for the People discover new music online future. and from each other. Digital niche marketing Customers demand and get outperforms mass marketing. increasing convenience and value. The pricing model goes out the New models will embrace a more window. dynamic view of music. © 2012 David Kusek
- 32. Top 10 Truths that will Guide the Future of Music The record business is not the music Music matters more than ever. business. Artists are the brands and Artists and their managers will entertainment is the attraction. shape the future. Publishing income is crucial for the People discover new music online future. and from each other. Digital niche marketing Customers demand and get outperforms mass marketing. increasing convenience and value. The pricing model goes out the New models will embrace a more window. dynamic view of music. © 2012 David Kusek
- 33. Top 10 Truths that will Guide the Future of Music The record business is not the music Music matters more than ever. business. Artists are the brands and Artists and their managers will entertainment is the attraction. shape the future. Publishing income is crucial for the People discover new music online future. and from each other. Digital niche marketing Customers demand and get outperforms mass marketing. increasing convenience and value. The pricing model goes out the New models will embrace a more window. dynamic view of music. © 2012 David Kusek
- 34. Top 10 Truths that will Guide the Future of Music The record business is not the music Music matters more than ever. business. Artists are the brands and Artists and their managers will entertainment is the attraction. shape the future. Publishing income is crucial for the People discover new music online future. and from each other. Digital niche marketing Customers demand and get outperforms mass marketing. increasing convenience and value. The pricing model goes out the New models will embrace a more window. dynamic view of music. © 2012 David Kusek
- 35. Top 10 Truths that will Guide the Future of Music The record business is not the music Music matters more than ever. business. Artists are the brands and Artists and their managers will entertainment is the attraction. shape the future. Publishing income is crucial for the People discover new music online future. and from each other. Digital niche marketing Customers demand and get outperforms mass marketing. increasing convenience and value. The pricing model goes out the New models will embrace a more window. dynamic view of music. © 2012 David Kusek
- 36. Top 10 Truths that will Guide the Future of Music The record business is not the music Music matters more than ever. business. Artists are the brands and Artists and their managers will entertainment is the attraction. shape the future. Publishing income is crucial for the People discover new music online future. and from each other. Digital niche marketing Customers demand and get outperforms mass marketing. increasing convenience and value. The pricing model goes out the New models will embrace a more window. dynamic view of music. © 2012 David Kusek
- 37. Top 10 Truths that will Guide the Future of Music The record business is not the music Music matters more than ever. business. Artists are the brands and Artists and their managers will entertainment is the attraction. shape the future. Publishing income is crucial for the People discover new music online future. and from each other. Digital niche marketing Customers demand and get outperforms mass marketing. increasing convenience and value. The pricing model goes out the New models will embrace a more window. dynamic view of music. © 2012 David Kusek
- 38. Top 10 Truths that will Guide the Future of Music The record business is not the music Music matters more than ever. business. Artists are the brands and Artists and their managers will entertainment is the attraction. shape the future. Publishing income is crucial for the People discover new music online future. and from each other. Digital niche marketing Customers demand and get outperforms mass marketing. increasing convenience and value. The pricing model goes out the New models will embrace a more window. dynamic view of music. © 2012 David Kusek
- 39. New Areas ofOpportunity Direct to Fan Branding Interactive Marketing Artist Management Curation/Discovery Licensing Analysis/Data Live Events Distribution Merchandise Artist Networks Artist Services Streaming Education Digital Products Soundtracks Games Sponsorships Mobile Apps Fan Clubs © 2012 David Kusek
- 40. Funding Sources + Advances and royalties Label or Publisher + Patronage - fan funding Kickstarter Artistshare Pledgemusic Slicethepie Microfundo © 2012 David Kusek
- 41. Businesses to watch Apple Rdio Aweditorium Red Light Bandcamp Reverbnation Berklee Rightsflow Big Champagne Root Music CD Baby Songkick Echonest Sonicbids Facebook Spotify Frontline Tastemate Google Thumbplay Mobile Roadie Ticketfly MOG Topspin Next Big Sound Tunecore Pandora Viinyl Pitchfork We7 © 2012 David Kusek
- 42. New Digital Products +Mobile apps + Interactive video + digital/hybrid collections + digital events + digital episodes © 2012 David Kusek
- 43. What kind of Future will you build? © 2012 David Kusek
- 44. Thank You! Dave Kusek dkusek@berklee.edu @davekusek futureofmusicbook.com © 2012 David Kusek
- 45. Thank You! Dave Kusek dkusek@berklee.edu @davekusek futureofmusicbook.com © 2012 David Kusek
Editor's Notes
- #2 Hello, my name is ..... and I am the Managing Partner of Digital Cowboys ... and the title of this talk is on the future of the global music business.\n\nI am here to introduce the music business to you and to brainstorm on the future of the industry. We will have time for questions and comments at the end of this presentation.\n\nWe are going to look at the music business from the perspective of the creative people working in it, the artists, songwriters and producers and how it works for them. After all that is where the music comes from.\n\nAnd I am going to challenge you to think about innovation in the music industry, because we really need more. \n
- #3 The music industry is a complex and interrelated set of businesses and relationships.\n\nFor the last 70 years or so, Recording was the key, the financial engine. It was the primary way of financing projects and the main revenue generator. It provided much of the risk capital and reaped the largest returns and drove most everything else.\n\nBut it is possible the the idea of capturing a recording and selling gazillions of copies of it is was just a stepping stone in the evolution of the music business. It may in fact be an anomally in business, a temporary condition of the times. Selling recordings is over.\n\nToday it seems, it is more important to create experiences that engage directly with the fans, to create relationships and to develop them. To use social media and the internet to market and communicate. It is less about control and domination, and more about access, engagement and interaction.\n
- #4 Today the Recording part of the music business is suffering. CD sales are down by more than 50% from their peak.\nThe industry has historically been driven by new products and new formats. The MP3 file was a new format that the industry for the most part failed to capitalize on.\n\nLive Performance is also challenged and a hard way to make money. \n\nThe business is under a lot of pressure, and it is almost pointless to describe the industry in terms of its past. The record labels only had a 5% success rate anyway, with 95% of artists failing to recoup their royalty advances.\n\nWhere do we go from here is the real question. We are building the airplane while we’re flying it.\n
- #5 The Good News...\n\n \n
- #6 The Bad News... \n\nThe MP3 format was not licensed by the major labels until relatively recently, and became a self-inflicted wound that has almost killed the business.\n\nPeople were essentially encouraged to get music for free, and now only about 1/3 of music buyers have ever paid for digital music online\n\nRecorded music sales have plunged to about $6.3 billion from $14.6 billion a decade ago.\n\n\n
- #7 I predict that we will never see a band as big as the Rolling Stones ever again. The circumstances that let them emerge and gain in popularity just don’t exist any longer.\n\nCertainly we will have major stars moving forward, but nothing like that ever again.\n\nIf you don’t believe me, try and name a major band that has emerged from the past few years that has any staying power - or can fill a stadium.\nThey are few and far between. \n\nWe have gone from tens of outlets reaching millions of people, to millions of outlets reaching tens of people.\n
- #8 What is the future going to be? I DON’T KNOW. I really don’t. \n\nBut what I do know is that we better look at the things that are working today and how they might change or be useful in the future. \n\nHow do artists make money? Well...\n\nThis is my friend Corey Smith - schoolteacher, turned to music as a vocation, build a career on touring and giving away music and cheap tickets to develop a fan base.\nAll without any major label involvement. There are many emerging examples of artists like Corey and bands like Metric putting together careers by combining revenue streams with free music and fan engagement.\n
- #9 Labels, publishers, promoters. This was traditionally who controlled the revenue.\n\nToday there are many more options and it depends on how you goto market and with whom. You can license your recordings and songs, and you can also self publish them. Today Direct-to-Fan strategies and tools are emerging that lets the artist and songwriter keep more of the money for themselves.\n\nBut this is not easy to do alone, and artists and writers need a team and an infrastructure around them in order to generate revenue. \n\n\n
- #10 Lets start with copyrights. Copyright law grants the copyright holder exclusive rights to do or to authorize the following stuff...\n\nCopyright protection lasts for the life of the author, plus 70 years\n\nHowever we have seen rampant file sharing and copying of music, mashups and remixes, sampling and online collaborations and the way that they are challenging the assumptions behind copyright to the limit. \n\nIt is questionable whether our current definitions of copyright and how they are controlled and administered will hold up in the digital world. We will see. Change is coming.\n\nAlready “Termination Rights” which allow artists to regain control of their work from the label after 35 years are coming due on many huge hit records from the late 70s from Bob Cylan, the Eagles, Bruce Springstein, Loretta Lynn and many others.\n
- #11 The amount of money involved in touring has a lot to do with ticket sales, and the total number of people acts can attract to a venue. \n\nThe money generated by ticket sales is divided between the promoter and venue, the booking agent, the artists and their manager. \n\nThe more popular you are, and the more fans you can reach, the more money everybody can make playing live.\n\nBut this is not an easy business, or a great way to live. In fact the touring business in the US was down 15% last year.\n
- #12 With the decline of the traditional record label promotion machinery, it has become very important for artists today to create direct relationships with their fans -\n\nYou do this by building e-mail lists and social media touchpoints, to help promote the shows, recordings, merchandise, and appearances. \n\nThis means facebook, twitter, email blasts, websites, search marketing, cross promotion, sponsorships and lots of energy.\n\n\n\n
- #13 The innovation that really defined the modern ear of the music business was amplification and recording technology. This changed everything.\n\nBut lets look at touring. Believe it or not, there has not been much innovation in the touring space, and this area is ripe for innovation - \n\nin ticketing, merchandising, travel services and new digital products.\n\nTours are basically still the same as they were 50 years ago, with lots of costs and many hands to feed. It is a tough way to make a living. If we could find a way to make live performances more profitable and reach more people, we can extend that revenue stream by applying technology.\n
- #14 We have yet to see a really compelling digital alternative to a live event, but many people are trying new things.\n\nThis past December, the band Phish found a way to celebrate new years eve with all of their fans. They had 8 people record their a 3 MSG shows in a multi-camera shoot that they streamed live worldwide during the show. People pay $39 to see the streams remotely and got to feel like the were at the shows. More is going to come from connecting remotely with the fans. \n\nThe bandwidth required, the display resolution and the interactivity is there for something new to emerge. \n\nPeople are more and more willing to pay for online content, as a recent PEW study showed. I predict that this will become a very hot area in the future.\n\n
- #15 Think of how email, instant messaging and social media has transformed the way people communicate with one another. There have been waves of innovation that have revolutionized modern communications and created some enormous companies as a result.\n\nWhere is the innovation in live performance? How can we apply the transformative potential of technology to the live space?\n
- #16 More music being produced and distributed than ever before. \n\nMash ups, remixes and online collaboration are reinventing the definition of “music” and what we listen to and participate in.\n\nAt the Berkleemusic online school, the most popular classes and programs are all related to music production and recording.\n
- #17 All kinds of deals can be made - from traditional label deals, production and distribution deals, to do it yourself.\n\nLabels often get a bad rap when it comes to record deals, but they really do have a lot to offer to an artist. Labels can provide infrastructure, capital, marketing and distribution. Even though distribution has become largely commoditized, artists still need financing and marketing.\nBut unfortunately, lucrative label deals are increasingly hard to come by, and ultimately may not be the best option for todays artists.\n\nNew kinds of self publishing or production and distribution deals, or a combination will make the most sense for most artists. \n\n
- #18 The distribution of music has been radically transformed by technology.\n\nTraditional distributors like - WEA, Sony, Universal, Red, ADA, Caroline and others are struggling. Most physical music stores have closed.\n\nDigital distribution via - iTunes and Amazon is growing, but has not come close to replacing the lost revenue from CDS. Services like Tunecore and CD Baby provide a low cost way for artists to get the songs on all the popular digital platforms and indie artists can receive the lions share of the now famous $0.99 download.\n\nNew “all you can eat” services like Spotify and Rdio are also gaining traction, but they don’t appear to be able to generate much revenue for artists. One estimate is that a artist needs upwards of 250 plays to equal the revenue from one download. You need something like 5K plays to buy a plate of pasta.\n
- #19 There is a whole new world of possibilities in mobile music applications and games and new innovations that you can hold in your hand. Ubiquity comes when everyone is doing it, when everyone enjoys, when everyone participates.\n
- #20 In looking at the music industry it is important to understand who owns the music, and the copyrights and the revenue streams and how does it all work. \n\nWe have a very complex system of laws and collection societies based on an old way of looking at “copies” that needs to be reexamined in the marketplace of tomorrow. \n
- #21 Music publishers work with songwriters to take their songs to market. Traditional performing rights societies like BMI, ASCAP and PRS, and new agencies such as Sound Exchange collect the money.\n\nThe publisher represents an artist and their work, and administers the copyright so that the writer can focus on writing songs.\n\nPublishers sometimes finance a writer’s career with advances, but this is getting harder to do with the decline of mechanical royalty revenue.\n\nPublishers connect songs with artists to record them, issue various licenses, and collect and distribute income that a given license might generate.\n\nMusic publishers usually split royalties 50/50 with the writer or sometimes take as little as 25%. There has been some innovation in publishing and licensing but this is also an area where technology is just starting to play an impact and there is more opportunity.\n
- #22 Merchandise can be a cash cow for artists. We’re talking t-shirts, clothing, vinyl, stickers, posters, key chains, DVDs, books, hand crafted stuff and a wild variety of other things that fans buy to connect with their favorite artists. \n\nMerchandise is sold at live shows, online, and in physical retail shops. This can be very lucrative for some.\n\nIn fact, musician entrepreneurs like the Dave Matthews Band, Russell Simmons, Sean Combs, Jimmy Buffet and Jay-Z, have created merchandising empires around their music, and have taken music merchandising to an entirely new level.\n\nTastemate\n
- #23 Most Merchandise is made available under a licensing arrangement between the artist and the merchandiser.\n\nBut there are other ways to exploit “Name and Likeness” that transcend the t-shirt into consumer electronics, phones and online services.\n\nSponsors are the new Patrons in music. Corporate sponsorship in music exceeded $1 billion in 2010, compared with the $5 billion that the record companies spent developing and promoting artists. \n
- #24 Lots of experiments are underway that leverage free music to make money. Kanye West gave away a track a month to promote his new release. The Flaming Lips are doing the same thing as are many other bands presenting their music almost in real-time.\n\nSome other examples are how people are using YouTube to create awareness. Here is Jack Conte and Nataly Dawn of Pomplamoose. They gained massive exposure by creating a new “video song” format and posting covers of popular songs on YouTube fro Lady Gaga, Beyonce, Michael Jackson and EWF. \n\nThe VideoSong format they produce is very inviting and addictive, providing a glimpse into the process of recording and creating music. \nPomplamoose videosongs have received tens of millions of views and attracted the attention of major ad agencies.\n
- #25 Another Duo named Karmin (both Berklee grads) started posting cover songs on Youtube, one a week, two a week, and slowly they started developing a fan base. Then this spring they posted a cover of Chris Brown “look at me now” and things just blew up for them.\n\nThey got picked up on a blog “All star hip hop” - then ryan seacrest, then they got on the Ellen DeGeneres show\n\n37 million views on the song so far - needless to say this has attracted some attention\n\nrecord deal - LA Reid made them the first signing to the newly revived Epic Records Label, working with hot producers and songwriters including Diane Warren who has written hits for Celine Dion, Aerosmith, Tony Braxton and Trisha Yearwood.\n\nAll together their Youtube channel has over 100 million views.\n
- #26 Many people have said that the power in the music industry has shifted to the fans, but I really think the truth is that it is shifting to both the artists and the fans.\n\nNew ways of thinking are driving a surge in new businesses being formed to service the artist who chooses to control their own careers and connect directly with their audiences.\n\nThese new businesses are critical, because artists cannot be successful without a team of players around them. But this does not necesssarilly mean a record label deal, but a new way of thinking.\n\nThe Band OK GO has build a huge following thru the use of creative videos like this treadmill video, combine with sponsorships from the likes of Range Rover, Samsung and State Farm. They are in control of their career. \n
- #27 This is not a 360 deal. This is a Direct to Fan structure where the artist is feeding multiple revenue streams by engaging directly with fans, and with different service providers.\n\nThis is a custom business entity created to align with the needs and talents of the artist, and exploit direct marketing and social engagement to drive revenue.\n\nThis could be a new entity, a new service provider - but most likely this is a collection of entities that come together or are subcontracted to support an artistic vision.\n\nThere are huge opportunities for companies to provide artist services and there is already a lot of innovation in this area as we will see.\n
- #28 At its core, Direct to Fan marketing encourages engagement and monetization between artists and their fans. Its a useful technique and tool kit for developing artists as well as as labels. Plenty of indie and major labels are using DTF techniques along with individual artists.\n\nToday with the internet you can can amplify your message in a way that traditional direct marketing could not, laser targeting your core fanbase without a lot of out of pocket cost to do so.\n
- #29 A few years ago, in 2005, Gerd Leonhard and I published a book on the Future of Music. In it, there were a set of truths that we used as a framework to describe the changes happening in the music business.\n\nMusic matters more than ever....\n\n
- #30 A few years ago, in 2005, Gerd Leonhard and I published a book on the Future of Music. In it, there were a set of truths that we used as a framework to describe the changes happening in the music business.\n\nMusic matters more than ever....\n\n
- #31 A few years ago, in 2005, Gerd Leonhard and I published a book on the Future of Music. In it, there were a set of truths that we used as a framework to describe the changes happening in the music business.\n\nMusic matters more than ever....\n\n
- #32 A few years ago, in 2005, Gerd Leonhard and I published a book on the Future of Music. In it, there were a set of truths that we used as a framework to describe the changes happening in the music business.\n\nMusic matters more than ever....\n\n
- #33 A few years ago, in 2005, Gerd Leonhard and I published a book on the Future of Music. In it, there were a set of truths that we used as a framework to describe the changes happening in the music business.\n\nMusic matters more than ever....\n\n
- #34 A few years ago, in 2005, Gerd Leonhard and I published a book on the Future of Music. In it, there were a set of truths that we used as a framework to describe the changes happening in the music business.\n\nMusic matters more than ever....\n\n
- #35 A few years ago, in 2005, Gerd Leonhard and I published a book on the Future of Music. In it, there were a set of truths that we used as a framework to describe the changes happening in the music business.\n\nMusic matters more than ever....\n\n
- #36 A few years ago, in 2005, Gerd Leonhard and I published a book on the Future of Music. In it, there were a set of truths that we used as a framework to describe the changes happening in the music business.\n\nMusic matters more than ever....\n\n
- #37 A few years ago, in 2005, Gerd Leonhard and I published a book on the Future of Music. In it, there were a set of truths that we used as a framework to describe the changes happening in the music business.\n\nMusic matters more than ever....\n\n
- #38 A few years ago, in 2005, Gerd Leonhard and I published a book on the Future of Music. In it, there were a set of truths that we used as a framework to describe the changes happening in the music business.\n\nMusic matters more than ever....\n\n
- #39 Here are some of the areas for innovation and opportunity in the music business today.\n\n\n\nDirect to Fan - topspin Curation - echonest\nAnalysis - nextbigsound Merchandise - merchluv\nArtist Services - rootmusic Education - berkleemusic\nMobile apps - mobile roadie\n
- #40 Today, the elephant in the room in the music industry, is financing. The three pillars of the record label model, namely financing, distribution and marketing are still required. Distribution today is easy. Marketing and Financing are still hard. Where is the money to develop and break new acts going to come from?\n\nPatronage is a time honored financing method that has undergone recent innovation and has helped to fuel a lot of new projects, new acts and helped artists attack the elephant on their own terms.\n\nEllis Paul is an American singer-songwriter and folk musician who has toured incessantly for many years. Last year, he raised over $100K direct from his fan base to fund and promote his latest release and tour. There are many, many examples of artists reaching out directly to their fans to finance their careers.\n
- #41 There are hundreds of new companies that have formed to take advantage of opportunities in the music business, and many more just starting.\n\nI tried to pick a set of businesses that I think are having and will have a significant impact on the music industry of the future. Some of these companies are huge like Apple and Google and Facebook.\n\nBut many are tiny and emerging and innovating and spotting market niches and the clever application of technology to solving problems for artists and fans and helping to define the new music industry.\n\nBut clearly you can see an explosion of new businesses attacking the music market.\n
- #42 As I said earlier, the music industry has aways been driven by technology and new products.\n\nFrom piano roll, to radio, to vinyl, to cassette, to CD, to the iPod - new technology sets the pace.\n\nWhere are the new formats that will lead the way into the future? What new products will emerge and create entirely new revenue streams? How can we use technology to build emotional connections between artists and fans?\n\nThere is a lot of room for innovation in live, in mobile, in new digital products that truly exploit technology to entertain people.\n\nWhat are you working on?\n
- #43 The people at this conference, and in this room and many more who are hard at work back at the office are going to create the new music business.\n\nAnd it is going to look quite different than the music industry of the past.\n\nIn fact, we are hosting a conference in association with MIDEM to be held at Berklee in April called Rethink Music and we invite you to participate as we ...\n\nI hope that you have learned something about the music business in this session and what some of the key variables are.\n\nI thank you for your time, and please let me know if I can help you in any way in creating a brighter future for all of us.\n
- #44 Thank you for listening to all of this. Now how can I help you? What questions do you have?\n
- #45 Thank you for listening to all of this. Now how can I help you? What questions do you have?\n