The recorded music industry was the first media business to be disrupted by the digital revolution.
And it was hit hard. In 1999 the industry’s global revenue was $38 billion, but by 2012 that number had fallen to $16.5 billion.
Yet, recent news for the industry is good.
In 2012, revenues for the music business actually edged upward—the first time since 1998. [See: IFPI Digital Music Report 2013]
“We seem to have hit bottom and moved up,” said Dick Wingate, Principal, DEV Advisors Digital Entertainment Ventures and moderator of the What’s Next in the Digital Music Ecosystem panel. The event was held at the Chief Digital Officer Summit in February 2013 at Thomson Reuters’ world headquarters at 3 Times Square in New York City.
Just how the music business has come to embrace—and profit from—the digital age was explored by four digital music industry leaders (from left to right):
- Michael Doernberg: Chief Executive Officer at ReverbNation
- Brian Lakamp: President of Digital at Clear Channel Media and Entertainment
- Eric Garland: GM at Live Nation; Founder at BigChampagne
- Bill Campbell: SVP, Digital Business, Global Digital Business at Universal Music Group
- Dick Wingate: (Moderator) Principal at DEV Advisors; Digital Entertainment Ventures
You can watch the entire panel by clicking on the video below......
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