For those of you looking for a bite-sized fix, here are quotes from 5 prominent digital music thought leaders:
Mark Mulligan VP Forrester Research: “…in the post-scarcity period we are living in, experience is everything. Experience has become the killer product.”
Denzyl Feigelson Founder AWAL: “Always have an eye to where the money is. Short-term or long term, if you’re building a community first, understand that the fans will come and then the monetization will happen. It’s very important in this day and age to really understand the economincs of where we are as an industry, and as consumers.”
Glen Barros CEO Concord Music Group: “…I think as an industry the music business has done a really good job of focusing on the artist and the creation of music, and it’s all about that, but has forgotten the other side of what we do is connect artists to the audience. Focusing on the audience is what I would look at : don’t ignore the artist, but honor the whole process…”
Alexander Ljung CEO Soundcloud: “I think the future music landscape (and business built around it) will move very strongly in the direction of participation. Music is in a way a form communication and single-direction communication (and) can quickly become boring. Having a two-way dialogue is a lot more inclusive, so tools and business models that allow who we think of today as just “fans” get more involved and participate in the creative process will radically change the industry…”
Eric Garland CEO Big Champagne: “The music business has long been a misnomer. It describes a wide variety of businesses, which somehow depend upon, support, or intersect with music. In ten years, music will be everywhere, and its access frictionless, in a way that is still not quite (here) yet. How will people be listening and buying? Any way they wish. How will music businesses make money? On hardware and software, of course. Licensing. On experiences like live — and of course advertisers and sponsors will mine the strongest connections between artist and fans….”
The Final Take: Reading the full white paper, it becomes clear quickly, that things have changed. The sharpest minds in our business have accepted the change and are moving forward accordingly. Great music and technology people move fast. It’s in their DNA, and generally it serves them well. From CES to the Verizon iPhone to Midem — we hardly have a moment to digest, contemplate, and then take decisive action. Grab that moment here and now. For he who gets hurt, will be he who has stalled. The times have already changed.