Last week, I discussed the first of my six things that I consider to be crucial to a successful music company in the digital age – being able to freely share music, and passion for music between people without let or hindrance, as my passport would say. This week, we’re down to more business-focused principles:
- Music must be sharable – word of mouth is more important than ever
- Revenue must come from multiple sources – if one bit of the industry becomes obsolete, it shouldn’t sink the whole ship
- New technologies are to be welcomed and understood, not feared and litigated against
- A&R can be crowdsourced, but remember the long tail
- “Added value” is key – give people a reason not to pirate things – carrots, not sticks
- Your artists are your most important spokespeople
Click over the jump for my thoughts on the second one, and stay tuned over the next few weeks for the finishing chapters.