Interesting piece on NPR this morning regarding online music services and their search for investment dollars. Nutshell: investors are still spooked by the music industry’s digital makeover turmoil. However, some are optimistic about the potential of mobile technology, particularly as smart phones further penetrate the market.
Survival in the music business will depend on a business’ ability to exploit the non-music ancillary products that come along with music consumption. The consumer’s expectation for music continues to gravitate toward the end of the spectrum labeled “free.” Music businesses will have to adapt and diversify their offerings. Likewise, the musicians.
If you’re a working musician or music industry professional, how are you adapting to this new reality? How do you see smart phones changing the business?