Billboard created the FutureSound conference to encourage dialogue among the stakeholders in the traditional music industry, the nascent digital music business and the investors who find and fund new technologies. Only through understanding can the industry move forward. The conversations at Terra in San Francisco on Nov. 15 and 16 showed these parties have witnessed gains during the last 12 months. Venture capital is more active in music. Licensing deals are moving in a positive direction. Innovations in product and process are helping consumers discover music in brand new ways. Yet, as this white paper details, there is much room for improvement.