All signs point to this being a great era for the music business. More music is being created and consumed than ever before. More artists are touring and the live business as a whole is very healthy. Just look at the biggest player, Live Nation, and their continual growth.The streaming business, although beginning to flatline a bit, has overcome its biggest issue: the perception that music is undervalued or even “free” due to rampant piracy. Now, people are willing to pay monthly and, in many instances, to do so for multiple services.
There are also high-growth markets taking shape. We see it with Chinese conglomerate Tencent buying into Universal Music Group. China presents a huge opportunity for the industry and Universal has given itself a leg up with this move. I wrote about the deal for Music Business Worldwide.
Venture capital is also flowing into music. A space that 10 years ago was taboo is seeing cash infusions by institutions willing to acquire assets and take chances on innovation.
I am of course excited about the potential to increase brand partnerships in the industry. While the songs themselves may no longer be undervalued, “the music business” is. Music is the prime commodity in the competition for attention and brand marketers are starting to see this. Importantly, as I’ve mentioned many times, artists are more open to brand partnerships than ever.
We’re starting the new era off with what may be our biggest CRWN to date. Elliott sits down with Will Smith and Martin Lawrence live at the Apollo this Thursday!!! Before the interview, you can catch a screening of Bad Boys II. RSVP here.
I hope the break treated you alright. Let’s get back to the rhythm of the work.