6 Ways To Save The Music Industry
T
he music industry is facing many challenges. How can the major labels and the
entrepreneurs that seek to replace them adjust to compete in this new
and evolving environment? In our series Can The Music Industry Save Itself? we’ve offered some suggestions:
- Off With Their Heads – The highly paid old guard has to go.
- Cut The Fat – There is still way too much waste.
- Build The Label Brand – Give fans a reason to care again.
- Serve The Niches – Build teams that live and breath each genre.
- Release More Records – If you’re selling less of each; produce more of ’em.
- Serve The Fan – Details tomorrow…
EXTRA CREDIT READING: "What I Would Do With EMI’s New Music Business" by former Yahoo! Music VP Ian Rogers.
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Implementing these suggestions might bring incremental improvement to the recorded music industry but they will not save it. Those interested in this subject should read my post at:
http://ad-supported-music.blogspot.com/2007/08/
music-industry-crack-er-cast-off-your.html
In that post I reference the classic Harvard Business Review article Marketing Myopia. In that article Theodore Leavitt wrote about the buggy whip industry: “The classical example of this is the buggy whip industry. No amount of product improvement could stave off its death sentence. But had the industry defined itself as being in the transportation business rather than the buggy whip business, it might have survived.”
Incremental improvements will not save the industry. It has to re-invent itself. It has to change from selling music to selling the time spent listening to music.
Marc Cohen
http://ad-supported-music.blogspot.com/
Great writing as always Marc. Fir any who tired the old link above its now corrected. Worth reading.
The music industry can’t be saved. There are to many alternatives such as the public domain music movement at sites such as eCogNeato
and Public domain music libraries