Managing Innovation in the Music Industry
Ever since the advent of P2P sharing with Napster, the music industry really hasn’t been managing innovation. If anything, they’ve been acting like a deer caught in headlights and stalling innovation.
Indeed, the CEO’s of the large record labels and royalty societies have been without an exception old farts with little knowledge or appreciation of digital.
As the music industry continues to collapse from $35 billion in revenues in 2001 down to $25 billion in 2013, music industry executives are still quite clueless as to what to do about innovation in the music industry and how to deal with it.
Here’s a beautiful MIDEM panel that gives you a sense of how little music industry executives understand about innovation. Enjoy.