Will meet to discuss the “F word” and try to figure out how to compete in a new digital music world.
In attempt to think outside the box and figure out how to effectively combat the rising threat of file-sharing in the new digital music world, UK music industry execs will hold a think tank next month called “The F Word: Monetising Filesharing – An Industry Solution.”
“With cutbacks, falling revenue and mergers the order of the day at the majors, and indies feeling the squeeze as well, the time has come to act, ” a post reads on the site advertising the meeting.
Organizers want to discuss how to fix the “…growing disconnect between the traditional recordings industry and how increasing numbers of fans first come to sample and discover new music.” Also, to figure out how to let customers use and enjoy purchased music in way that guarantees them freedom while properly compensating music artists and copyright holders.
They say that “This isn’t about CD doom-mongering – we expect CDs to be with us for some time yet, together with new forms of premium priced music. Rather a rebalancing of the relationship between the business and the fan.”
Also acknowledged is the fact that the music industry no longer enjoys top to bottom control over music distribution, that file-sharing has ended this model and that in order for it to survive it must partner with digital music distribution companies.
Organizers note:
We’re talking about accepting the notion that the business can no longer control distribution and then attempting building a model around that. This will require a cooperative, inclusive approach across the digital music value chain – involving not just rightsholders and their representatives but ISPs, mobile phone companies, and MP3 and blank media manufacturers.
They call for an “unprecedented” partnership between music and technology industries, which is “…a mini quantum leap from today’s business, but events this year suggest we may be approaching the sort out mindset necessary for this transition.”
It’ll be interesting to see what solutions they come up with at the meeting but, at least it seems they recognize that it’s time for their business model to change, that old one is no longer relevant, and hasn’t been for years now. If they are to survive it will selling a product that people want at a fair price – digital music. To suggest otherwise or ignore the reality is to further harm their already ailing industry.
digg_url = ‘http://digg.com/music/UK_Indie_Music_Execs_to_hold_File_Sharing_summit’;
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How much do you want to bet that it will be a total waste of time? The indusry execs will stick with the “old regime” you all know it.
Who knows these are “INDIE” guys so theyre kind os used to thinking outside the box.