Here’s Seth Godin’s dynamite take on what the music industry needs to do to heal itself.
I recommend you read this for yourself because it’s rather long, but what Seth is essentially saying is the salvation of the music business is in becoming a different business altogether, since the “business” of music has been completely transformed by the Internet.
If you read between the lines, what Seth’s also saying is that if the music industry doesn’t step up to transform itself then various other entities from outside the music business will – entities with more techno-savvy and a dramatically greater tolerance for risk and innovation.
The music industry should become managers of tribes, says Seth.
Hmmm. Can you think of a different industry that caters to tribes of music interest delineated by artists and genres?
That wouldn’t be radio, would it?
Granted, the radio industry probably lacks the gumption to become the “new music business.” But broadcasters would be wise to read this single sentence from Seth’s talk, which I will happily remove from its context:
“I think the Internet is the new radio.”