SINGAPORE: With music content being distributed across the internet, mobile and wireless technology in the near future; the radio advertising market is expected to erode further in the fragmented space.
Also, with new narrowcasting services like podcasting, and consumers customiizing music videos of their own choice, what are the different needs of the new audiences, their business sustainability and revenue generation opportunities.
Gerd Leonhard, Music and Media Futurists lists down certain key lessons which came across from the special session on digital radio.
*Music companies- be visible on the net- Make your own videos and put them on Youtube, Revver, Video and Google before they do it. Get your own online radio station. Get global CD distribution (CDBaby, Amazon etc) and offer your own ringtones. Also, don‘t forget to get global digital distribution and keep bloging your band‘s life. (Zebralution, Orchard,
*Look beyond the traditional revenue streams- With different devices and music videos on demand available, tie up with all the possible media companies, wireless service providers. Look at charging a flat fee for content, along with digital music licenses.
*What‘s in it for content creators - Niche market and mobile powered stars will emerge. Also, social networking sites will become more important for selling music than TV or Radio. More and more consumers will create customized music with interactive software. Major artists might even leave their record labels and look for directdeals as agents will thrive
*Broadband internet will seriously hurt traditional radio. Just a glimpse of the future that is already here – Just to list out some of the initiatives. There is MyRadio: www.Pandora.com, BBC Creative Futures inititative, Google videos, Nokia Visual Radio www.visualradio.com
*Understand the new consumer
MY Schedule - Time-Shifting (anytime anywhere)
MY Location - Full Mobility (NOT just on PC!)
MY Device - Full Compatibility between devices and services
MY Deal - ‘Payment Shifting‘ means Feels Like Free Music
MY Playlists - ‘Editor‘ Shifting‘ - now, the USER selects
MY Edits - Peer Produced Content / Re-Mixing
* What‘s the crucial paradigm shift- Mobile music commerce will out number commerce, A new middle class of musicians will come up. Also, wireless broadband will dominate. Sharing amd viral marketing will grow and artists will have to reach their fans no matter what.
