The day the music died
Trying to convince a whole generation of music fans that have been brought up on the premise that new music is a free commodity; to actually pay to hear their favourite tracks is no easy task. Yet this is the challenge that music companies have faced for the best part of the last decade.
Apples domination of the online music space and file sharing sites such as LimeWire have really taken their toll on the record companies profits. It’s only recently that the industries major players have decided that rather than fight a loosing virtual battle against the online fraudsters, they will have to evolve Darwin style to again get their slice of the profit pie!
Record companies are diversifying and adopting a new monetised marketing model, that is more in tune with public demand. For example the music hub created through social media giant Myspace, has allowed companies to place adverts between tracks as well as giving users the opportunity to pay for tracks, thus generating a new revenue stream for the record companies.
In a similar vein mobile operator omniphone has released a mobile music portal, capitalising on the rising popularity of 4th generation mobiles. In many ways its trying to have add ons such as the omniphone device part of a standard feature, much like a phone camera today, so it appears to be free, but the real cost just comes from the unit itself.
Its fascinating watching this dispute develop and seeing just how much the online music revolution is forcing music companies to transform their marketing strategies. However for me, the fans will always be one step ahead and I don’t think the music will ever die, but perhaps just be played at a lower volume.