The Innovation of Sound

Today Imagesound attended the ‘Innovation of Sound’ panel discussion at the annual London-based Financial Times Digital Media conference. The speakers included CEOs of Soundcloud, Songkick, 7digital and BPI talking about the present and future of the music biz. Here are some highlights of the discussion:

We haven't yet reached music subscription fatigue point:

The digital music industry is now worth $7billion and people are comfortable and happy to pay for digital content. It’s important to allow for discovery of new music and integration across all devices, as the value comes from making it easier to find and listen to music.

The social media revolution:

Music artists and managers have become entrepreneurs, as they recognise the need for broad revenue streams to get global reach. Thanks to social media, there is a symbiotic relationship between artists and their audience. The main concern voiced was that YouTube is seen as Spotify with pictures and stream ripping a source of legitimate piracy. Google should do more to stop people ripping music content as MP3s.

Traditional TV and radio:

Music on TV is dying, but radio still plays an important role in introducing music to people. The radio still appeals on a human level and as long as it integrates into other digital channels, the radio is here to stay! So, the video did not quite kill the radio star then, the Buggles…