The music industry, we probably all saw it got disrupted like none others and is a good case study for other industries to learn from.
Do you remember these days when you would by cds to the days of Napster and youtube? Well things have gone way better on the consumer side (music consumption has never been that high – says Kendall) but the industry is still figuring out how to monetize all the good work artist do). If you love music or simply are interested in learning the story of an industry that got totally disrupted you should watch this video. Don’t forget, if it happened to them, it may happened to you so there is a lot of learnings you can get to avoid the trap of being disrupted.
Kendall Minter’s expert view on the music disruption..
In this interview conducted in late 2015 with friend Kendall Minter, a successful, experienced celebrity lawyer, board member of soundexchange and author of book “Understanding and negotiating 360 deals” we cover the 10-15 years timeline of events that led to the disruption of an entire industry that is still today trying to stabilize itself and understand what are the new business model to win.
The story of a downfall and reinvention…
The music industry “downfall” story is very interesting because it shows how fragile any industry is and how people reacted to the disruption or didn’t see it coming (or accept it was happening).
Long gone are the days when artists main revenue streams came from music sales “forcing” artists to find new ways of making a living from their art: From deal making with tech start-ups, more concerts & festivals (of course, and to consumers’ pleasure), TV appearances, advertisements, diversification etc.
In addition, those that make it through the disruption are often the most entrepreneurial ones that are able to quickly find solutions / opportunities out of the chaos and changed “rules”: It’s the entrepreneurship era! Think about the Beats by Dre success story (Beats was sold for Billions to Apple) or unknowns that became superstars from their bedrooms!
It’s a new era, like Darwin said once: “It’s not the most intelligent species, nor the strongest that survives but those that adapt best to change that do” – Darwin
Our support to artists!
We love music! We all need music & artists don’t we?
You will often hear us say: ” Music and entrepreneurship are the only 2 things that makes the world move /shake”. As a matter of fact artists are innovators, creative entrepreneurs in many cases!
At startupsinnovation we believe that huge opportunities exists between artists and startups, businesses and corporations.
(Contact us for a FREE educational training on startups opportunities available for Artists / music industry managing teams)
Watch the interview below with Kendall Minter! (Note it was recorded as part of a prior projects of ours hence the banner that is not the startupsinnovation one)
If you like this, you may also like our event with Jay Samit (One of the world leading expert on disruption and innovation) – here
Also visit Kendall Minters’ blog (askmusiclawyers) here