It's the Experience, Stupid — Thoughts on saving the music business

The music business is in a tough spot. the web has reduced the marginal cost of distributing music to zero. Since price follows marginal cost, consumers are less willing to pay to own music unless new kinds of value can become associated with their purchase. This has caused a critical revenue problem (loss) in the music industry resulting in an urgent pursuit for new layers of value (revenue) created around music. Bands and artists, labels and others in music must begin generating new layers of emotional value around music that are at once personal and social. Consumers, labels and brands are increasingly disinterested in paying to be “in” the music itself; they pay to be “around” music’s emotional experience. How can the music biz move past simple music discovery and toward emotional and engaging experiences around music? What products and services can help create and distribute these valuable emotional experiences?

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