Guest Post By Eric Hebert of Evolvor.com
A number of wonderful discussions are taking place at the DMF, especially during Wednesday's "State of the Digital Union" panel. Much of the conversation dealt with how to combat failing CD sales in a world where file sharing exists and digital continues to gain momentum. The answer? Learn how to tap into the fan base and present creative and new products (i.e. develop new business modes outside of the CD) for them to consume.
Jeremy Welt, SVP of new media at Warner Bros, discussed how his large number of unique artists now provides a large number of opportunities in the digital age. One example he provided was understanding
when fans are in a position to purchase product (hint: they always are) and how to take advantage of that, using last year's "Mission Metallica" event as a way of getting fans on board months before the album was released.
Interaction with the fan is what a sound business model is all about, so understanding the way a fan thinks goes a long way. This includes understanding the way fans search the web for information regarding an act and their music, and how to provide the right contextual information to enrich their music experience. Once the fan begins connecting to an artist, the business side must all work in unison, a circle, to offer different products (music, merch, tickets, etc) to give the fan the full experience, making sure to keep up with the "culture" of the act.