…The music industry is a $100-billion 21st Century business trapped in a $7-billion 20th Century business model:
That’s according to Marc Geiger, head of William Morris / Endeavor (aka Ari Gold‘s super-agency):
“The recorded music industry can grow to a $100 billion-plus business within the next 15 years – but only if it abandons pushing music ownership and fully embraces the streaming subscription model, said Marc Geiger, WME’s global head of music, during a powerful, deliberately provocative keynote speech on day two of Midem.
“If you still think [the future] is about owning files I will talk to you again in 24 months and you will deny that you ever said it to me,” Geiger stated during a slick 25-minute presentation, which was entitled “20 Years of Pain. No More Fooling Around: The Definitive Future of the Music Business.”
I heard several years ago that the average music “consumer” purchases roughly $40/year of recorded music. So they’re spending $40 year – less than $3.50/mo – to “purchase” 3 to 4 CDs, maybe 30 to 50 tracks to horde in their own personal private music “library.”
So tell them instead that for a measly $10/mo (your mileage may vary) they can have the entire history of recorded music on a gizmo in their pocket and see what happens.
You know the old expression: “do the math.”