When it comes making money, the music industry – from labels, to artists, managers, promoters and venues – is stuck in the past. While the industry has embraced digital technology for production and distribution, almost everyone still insists on selling albums and songs. And while the industry continues to plod forward with its model of selling music “products,” fans have moved on. They want music for free, but are willing to pay for music “experiences.”
What can the music industry do to triple revenues in the next decade? Give away recorded music for free in exchange for fan data. The trick is to stop thinking like a record store employee intent on selling albums, and start thinking like a casino boss, who knows the best way to make money is to give free perks to the top patrons so they’ll spend big at the card tables.
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