Last month, a panel discussion was held at New York’s Tekserve entitled: “The Future of Music: Panelists Discuss Where the Music industry is Headed”. These panelist agreed with many of the points I’ve addressed on this blog, at conferences and in discussions with music executives.
According to the article, there was a heated discussion on how technology has changed the business from being focused around the recording label superstar to the indy artist. The transfer of power away from the labels and into the hands of the artists has already started. However it was noted that even though it’s now possible for artists to create recordings on their own with a few good mics and a preamp, without the major labels as banks there won’t be any superstarts anymore.
We need to find new ways of showcasing our music and unfortunately although independent artists have this power to record an album and make it available worldwide they just don’t have the means to get it to the public on a large scale. No publicity, promotion or tour = small bucks. These major labels are like banks and without their massive reservoir of dollars for A&R, artist development and such there just won’t be any superstars anymore.
In September, I will be mediating the second in a series of panels on the Future of Music at The Commonwealth Club of California. Not only, will we address the key issues raised in this New York panel, but will take it further and address the issues of copyright and new music revenue streams now being made possible.