Some webinars are worthless. Others are worth while. Here’s one that was worth while. The Music Business Association, is a wonderful organization to be a part of. In fact, if you plan on being in the music business, I’d say it’s mandatory. They had a good webinar that I was able to attend yesterday.
It was titled “The Streaming Business Model,” was presented by MusicWatch’s Russ Crupnick, and discussed the inevitable future (in reality present) of the Music Industry; the Streaming Business Model. This model seems to be the future for most of the entertainment industry. Streaming is the, “fastest growing segment of music distribution…” as put by Andrew Schwartz, Coordinator and Adjunct Faculty, Music Business Program at New Jersey City University. The question now is, how do we monetize it?
As presented in the webinar, the music market is actually segmented into four groups, and each segment requires its own approach. What I believe is, consumers are like water. Even though you try to force it into certain places, the natural path that it will take will depend on the gravity or force that is driving it down. The music industry can put up all the dams it wants, but consumers will still find their way to the ocean.
You need to figure out how to cater to that and follow that path as opposed to fighting and reconstructing it.
I will be writing more on this subject in future postings, stay tuned… and keep it sounding right.