Still generating a buzz around the ‘net, last weeks MusicTank “Face To Face With The Millennials” event saw Nettwerk Management CEO Terry McBride offer his take on artist promotion in the current age.
In this video, you can catch up with some of McBride’s thoughts for the future of music.
McBride this year wrote a paper advising on the music industry transition for MusicTank.
In it, he advised a business model based on the notion that today’s music fans want access to their music more than ownership of it. McBride also thinks mass sales will be generated by lower prices, suggesting labels sell digital tracks for just $0.25 each, albums for $2.
“You’d see a huge shift; we haven’t even given kids the choice to show us this tipping point yet the profit margin in the digital space is about 300 percent that inside the physical space,” he said
McBride also explained Avril Lavigne amassed around $2 million from YouTube plays after 100 million users took a look at the most recent video, ‘Girlfriend’, a track taken from the album, The Best Damn Thing.
“Suing our customers is bad for our business; they’ve created a separation between the creative community and the people who consume it – one of the biggest PR disasters I’ve seen,” he said, of legal action against music fans.
Additional points (according to Hypebot).
“Fans are the record companies. Ownership of the song does not lie with the artist or the label or the publishers, but rather the consumer.
“Scarcity is value. As there is only one artist this makes them a scarce commodity so we can capitalise on that.
“Artists are brands. They may not like the word but that is essentially what they are, and in order to succeed you have to focus on ways of building the brand.
“Amazing technology is available and we should embrace it, build online communities and create opportunities within the digital world.”