I hope you know we’re just getting started. I hope you know that the internet is in it’s infancy, that there will be many changes coming in the ongoing radical transformation of the music business. Which leads me to ask: where are we going?
The Trends
- Rental – ownership of music will disappear as the ability to stream desired music anytime, anywhere for flat fees becomes the norm (music won’t be the only thing increasingly available for rent).
- Craft – more and more demand for actual crafts from actual people. Though it might seem that music has always been a craft, the reality is it’s been big business for at least 30 years. People are rebelling against this and seeking evidence of personal authenticity behind the music as well as the ability to actually connect with the artist. This is another trend that goes far beyond music: the growth of a “Craft Economy” with a focus on authenticity and connections.
- Curation – at the same time, we’ll have to deal with the fact that there’s too much music being made by too many people in too many places! This means a growing demand for, and dependence on, curation and delivery of music from people or companies – authentic people and companies that master the craft of recommending music.
- Superstardom – because connections will matter so much and there will be SO much music being made, Music Superstars as we know them today will become increasingly rare. There will be exceptions of course and there will probably come a time in the future when global superstars will again be common, but in the “short term,” I think we’ll see less of them. Another possible exception is Superstar Curators (like DJs).
- Opportunity – there is growing opportunity in the music business in two categories:
- Production – technology will continue to make it easy to make and sell music.
- Consuming – technology is also growing the ability of people to buy and enjoy music (all entertainment) and this will continue. This will grow the demand for crafts.
- Quality – I think quality – in the truest sense of the word – has always mattered and I think that will grow. As more people have more ability to buy and enjoy entertainment, they will also have more interest in understanding what they’re consuming. At the same time, they’ll have the ability to buy and enjoy that education too.
Responding
So how are you preparing yourself for a music business where music is rented instead of sold? And what are doing to make sure everything you do is authentic and connecting?
