… a whole lot of cogent and intelligent discussion about the future of music, and a good perspective on emerging trends and issues affecting the industry.
Bandplanet sent two intrepid members of the Bandplanet team – CEO extraordinaire Hansjörg Hug (HJ) and marketing action man Dany Kunz – along to midem 2012 recently in Cannes, France to hobnob with the rich and famous, err, soak up the atmosphere and inspiration while partaking of the workshops, networking opportunities, discussions and seminars.
So what nuggets of wisdom did they come back with?
- The music industry has been re-energized by the new opportunities and business models offered by increasingly sophisticated digital medias and technologies.
- Social media is now permanently embedded in all aspects of the music industry.
- Also, the term ‘social media’ has outlived its use-by date. Enough already!
- People are still willing to pay for music. And superfans are willing to pay even more for exclusive, value-added, rare or limited edition items.
- Consumers want to be involved with the music they love – they want to engage with it, promote it, share it, sing it from the rooftops, wear it as a badge of honor. And they’d love to profit from it, as well, if it doesn’t compromise the earnings of the artists they love.
- Streaming vs. cloud services – can they co-exist or will they cannibalize each other? Streaming services fulfill a function similar to radio (albeit one tailored for you, by you), but hey, not everyone wants music to be merely ‘background noise’. The psychological need of consumers to actually own music and its peripheral products (posters, books, DVDs, T-shirts etc shouldn’t be overlooked or under-rated. See ‘superfans’ comment above.
- It’s clear that there is still room for new business models to develop and mature as the market changes. One thing is clear – music consumers don’t like to be fenced in and told where or how to buy their music. People don’t want to buy everything from just one store. Flexibility and choice is essential.
Proof positive that the Bandplanet FairTrade MusicBiz model is especially relevant today: engaging fans in a way that they can benefit as well, ensuring that 100% of revenue goes to the artists, and giving artists complete control over their music and what they receive for it. Go Bandplanet!
BEST IN SHOW
Best speech: ‘Marketing For People, Not For Robots: Less Killer App, More Killer Experience’ – Will Sansom from Contagious Communications
Best Random Meeting With A famous Person: When Dany met Zoe Keating on a beanbag and talked about the weather (in his defense, he didn’t know who she was at the time. And yes, she was lovely).
WORST IN SHOW
The weather. Terrible. Somebody fire the person responsible, please? And HJ’s terrible flu courtesy of the really horrid weather. Thanks, Cannes! (or perhaps we should be blaming Zoe Keating).
The next edition of midem will be held in Cannes, France, 26-29 January 2013.
- 7 reasons why tech will be big at music industry conference Midem 2012 (thenextweb.com)
- Weekend RoundUp: MIDEM 2012 sets the stage for global music business (altavozdistroco.com)