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GRAMMY MusicTech Summit Keynote
Posted By Barry Ritholtz On November 18, 2008 @ 8:24 pm In Digital Media,Music | Comments Disabled
“There is nothing wrong with the music business, there is a problem with the CD business.”
-Chuck D 
My music biz friend Gene tells me that Ian Rogers is a smart guy and nice to boot. Reading his keynote , its pretty clear why gene thinks that:
Music consumption isn’t declining: iPod sales up 59% Y/Y (source: Apple), P2P filesharing volume up 35% Y/Y(source: NPD), audio streaming up 25% Y/Y (source: Accustream). And despite the endless discussions about the “pirates,” there isn’t an unwillingness to pay for music, either: 1.6B decisions to buy music in 2007, up from 1.3B in 2006 (source: Neilsen Soundscan), 40% Y/Y increase in worldwide digital music sales (source: IFPI), 8% Y/Y increase in North American concert revenue — an all-time high (source: Forbes.com), 40% paid an average of $5 in Radiohead’s pay-what-you-want model, Nine Inch Nails self-release generates $1.6M in first week sales, includes sell out of $300 box set in first 48 hours (source: NIN.com).
I’d like to challenge you to consider a different perspective, IMHO the only perspectives that matter, that of the artist and the fan. I see news about the health of the music industry as defined by the stock price of WMG or quarterly earnings of UMG, Sony, and EMI every day. What I don’t see, apart from a few articles on Radiohead and Nine Inch Nails, is an update on how the world is changing from the artist point of view. But I tell you, when I talk to managers and artists they feel it, they feel an ability to take their careers into their own hands, to redefine what success means for them, and that is the emergence of the new music business.
If you are at all interested in the Music/Technology/Business intersection, you will find Ian’s entire keynote worth reading . . .
GRAMMY Northwest MusicTech Summit Keynote
Nov 17 2008 11:26 PM
Article printed from The Big Picture: http://www.ritholtz.com/blog
URL to article: http://www.ritholtz.com/blog/2008/11/grammy-musictech-summit-keynote/
URLs in this post:
 Chuck D: http://www.publicenemy.com/
 keynote: http://topspinmedia.com/2008/11/grammy-northwest-musictech-summit-keynote/
 Image: http://www.ritholtz.com/blog/wp-content/uploads/2008/11/3025353612_b201a85a75.jpg
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