New Music Economy might be one of the latest phrases / theories / collection of thoughts to describe the contemporary situation of the music business. It bares nothing new. But it put together an array that crystalize the view on how the music business function today. It’s still a work in progress and the idea is to develop the theory in a Wikipedia article! So read, think and take part.
The broad definition as it looks today (May 13 2008):
“New Music Economy is the incorporation of technology into music industry business models. The New Music Economy is driven in part by the impact that new technologies are having on art, copyright and business. With the internet, new consumer behavior, new marketing methods and new laws such as the Digital Millenium Copyright Act, a New Music Economy is evolving out of new consumer behavior, methods of promotion and sales.”
To adjust to the New Music Economy a panel recently agreed on 12 important components:
“Music Licensing, Co-Marketing, Branding with New Tools, Non Traditional Retail Space, Digital Distribution, Internet-Specific Content, Fan Artist Relationship Management, Quality Control, Content Management System Structures, Legal Structures, Live Performance,Incorporation of Attention Economy Principles in Marketing Strategies”
This is exactly the kind of initiative this business needs. We need to collect ideas, theories and quotes from all over the place in order to work something new out. To move forward we need to convince everybody what the reality looks like and what mechanism we have to work with and obey in the future. Definitions of this kind, together facts and arguments, is what we need to fully adjust the music business from the physical to the digital world. And it’s our – we who have seen the light, positive effects and the necessity of change – job convince the rest. We have to do what indie labels traditionally have done be trying out new things. But this time the change more than ever have to be on a theoretic level.
Crystal clear views, brave executives and great music is what will lead us forward.