On the future of recorded music and the music business
Tuesday, February 9th, 2010What follows is my reaction to a post by David Kusek entitled Searching for Salvation on the subject of the future of recorded music, and the problems the music industry faces today. He’s running a contest for new business models.. I wrote this in the comment section of his blog, and realized I should probably post it on my blog to.. cause I have this crazy habit of writing comments like this.
I don’t know entirely if I agree that recorded music is dead.. I think what’s dead is the old business models. I also think there’s a lot gong on in the evolution of the kind of technological ecology.. of like.. how people find new music, filters, financing, and whatever.. that needs to happen.. and once it does, the picture will shift a bit more. I remember many years ago.. social media.. particularly bloggers and podcasters.. there was this whole conversation about “how do we monetize this stuff” and while its still an issue for many, a lot of people have kind of worked it out.. I think the issue for recorded music might be the same kind of deal. A lot of it seems sorta obvious to me.. “a band” is a brand.. the brand must make some sorta product or service.. you must be able to make more money then it costs to operate.. you must work on building your brand, and making great products and services. I’m not sure about the specialization.. well, maybe I’m not arguing.. but I think musicians, producers, engineers, label folks.. have to rethink what there specialization is.. I think they key is being open to a lot of experimentation.. try lots of stuff and measure your success.. see what works, or works in what way, what doesn’t.. drop what doesn’t, do more of what works.. but keep experimenting. I think music has to be made for cheap, unless its a loss leader for some other area where you make more. In any event there’s a kind of 101 of what I think you need to do that I don’t see being done well. The design of artist’s websites is a good example.. the thinking through of what the business objectives ought to be for those websites.. I think a Flash branding experience is great, but that’s no excuse to forget about the rest of the strategic concerns or not have something that works on iPhone’s when people are out and about and are thinking they might want to go to a show and can’t see if you’re playing wherever cause your Flash site doesn’t employ progressive enhancement… and it doesn’t help if it doesn’t have the SEO so no one can find you.. and you might have wanted to think about those sales funnels.. and your news letter stuff ought to have other ability to do fine grained segmentation and get stats on what was opened and what wasn’t.. so you can fine tune that.. What I think is obvious is that any artist needs to build a team around him.. you need people who understand the online channels.. the social media blah blah blah.. as well as traditional media publicity and marketing and whatever.. you need people who understand the music business.. etc The reality is that promotion on the internet can be cheap, as can the production of music.. Innovation comes from synthesizing disparate stuff.. so I think a couple things.. #1 It maybe that business models.. what works for one person might not work for the next.. You really need to triangulate your passions, skills, and the market.. to work out where you need to be. #2 You need to look out side of the music business for idea about business models.. take from whatever, synthesize whatever.. You just can’t expect the off the shelf ideas to work. A lot of stuff needs to be rethought.. and I think the music industry’s resistance to change is a big part of the problem, but that it is one of the industries suffering the most.. when we get through this.. we maybe ahead of everyone else. Finally, we are living in revolutionary times.. and there are incredible opportunities to be made and found.. but you kinda need to think like a revolutionary to make that work.




