For the future of the music industry, fear is not the answer
The music industry is full of fear. Fear of customers as thieves, fear of technology run amok, fear of loss of control. But for the music industry to do more than just survive, fear cannot be the answer.
The answer lies in listening to customers and letting them inform what and how they want to buy. The answer lies in experimentation and a willingness to fail. And key to it all is to stop grasping desperately for control – to stop acting out of fear.
4 Business Lessons I Relearned at NAMM
Endorsee, one of our portfolio companies, had its coming out two weeks ago today at the NAMM show in Anaheim. It was my first NAMM proper, having attended Summer NAMM last year. We spent our time introducing the product to over a dozen music equipment companies in one-on-one meetings. During these meetings and our time on the show floor, I watched, listened and learned a lot from my cofounders, NAMM veterans themselves, and the companies we spoke with.
Music and Tech Are Completely Different Animals. Or Are They?
Tech invests in talent in the form of developers, engineers, and marketers, then retains them through compensation and stock options. Music invests in talent in the form of artists and retains them through complex legal agreements.
Tech produces a product and sells a license to it, historically as “packaged” software, but increasingly as a service. Music sells recordings, largely in the form of physical product and downloads, but actually just licenses it. Both are moving rapidly from ownership to access. The former embraces it, while the latter is conflicted, to say the least.
Nashville – The Next Music Tech Hub
Nashville boasts an economy among the strongest in the country, a cultural experience that’s captured the hearts of critics and connoisseurs, and an entrepreneurial community that is attracting upstarts at a record pace. Combined with an unparalleled creative community, Nashville is ready to shine.
Moreover, Music City has an opportunity to become the next hub of music technology.
Over at Back Porch Group, we’re running a little experiment to gather and share the “You gotta read this!” articles we pass around daily. What started as a way to keep from flooding each other’s inboxes has turned into a collection of inspiration and insight, covering music, tech, entrepreneurship and more.
If you’re a Flipboard user, give our magazine a look. I think you’ll enjoy it.