Is the music industry a smart place to invest?
Yesterday in "Is Music A Good Investment? Whyte vs. Resnikof," I contrasted the doom and gloom of Digital Music News' Paul Reznikoff who wrote "make no mistake, very few are actually making money in this space" to investment banker Robert K. Whyte who said, "Bands and independent artists now have the tools and ability to promote themselves...and investment in those new endeavors reaps the benefits once found in royalties and copyrights."
Resnikoff thinks that all is lost. Whyte says you can still make a buck by empowering musicians.
There is a third path. I think it's a smarter path.
Invest in fans.
Help them find good music. Help them enjoy it, share it, remix it, put it on a t-shirt, watch it live and do stuff with it that they've never imagined doing.
The new music business mantra is that it's "all about the fan". It's true. I'd bet on it. - Bruce Houghton
