While it has taken far longer than it should have, the music industry is finally starting to understand that the user-generated videos that include copyrighted music, are sources of income that the industry hasn't even had to promote or spend money on marketing.
Fighting for years against the inevitable changes overtaking the industry, it looks like 2007 will be a year where they may wholly embrace it and start to make money from the ongoing trend.
Another idea that I think has great potential is that the music industry is looking at releasing new content made directly for music fans that they can then change and alter in any way they want. This has a lot of potential to increase revenue and good will among many disgruntled fans.
"They're doing it anyway," says Ted Cohen, former EMI Music Group digital executive and now founding partner of consulting firm TAG Strategic. "There's a chance to monetize this behavior."
It is better late than never in this space, but the music industry didn't have to take this long and go through so many down years to reach this place. History has shown that disruption in the marketplace always results in the old industries trying to stop the new trends emerging. It almost always fails to happen.
At least now they can begin to think in terms of new and innovative ways to start serving the fans instead of trying to undermine their desired way of being served.
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» Music Industry Finally Starting to Understand they Can Monetize User-Generated Content from
"While it has taken far longer than it should have, the music industry is finally starting to understand that the user-generated videos that include copyrighted music, are sources of income that the industry hasn't even had to promote or spend money on... [Read More]
Tracked on: January 3, 2007 11:02 AM | Permalink to Trackback