Overheard at SF MusicTech Summit XI
Artist Tools (watch this panel in its entirety here):
Data is the new hustle; [the music business] is getting much fairer than it used to be." -Matt Mason, BitTorrent
I don't spend a lot of time talking 'data' with my artists - they don't care." -Steve Rennie, REN Management
I got news for you guys: There's nothing rational about the fucking music business!" -Steve Rennie
YouTube has been a billion times more powerful than Facebook or Twitter." - Nataly Dawn, Pomplamoose
There are 100,000 artists on Pandora & 70% are indies; artists making $100K - $2 million." - Tim Westergren, Pandora founder
An NPD study says that Pandora users bought 29% more music when engaged on the platform." - Westergren
Impact on Pandora's business from Spotify: No impact from any business launched in the past 5 years." -Westergren
Music's cultural significance:
Music has been with us longer than writing, agriculture and civilization." - Bryan Kim, Tracks.by
Music experience coming back full circle to a community experience; seen heavily in EDM among other genres." - Kim
The state of the music industry:
The music industry created its own demise by putting digital music into the hands of millions withCDs (ripping)." - Jeff Price, Tunecore founder
Artists aren't making money anymore? WTF are you talking about?! Most artists NEVER made money!" - Price
Once commercial radio is removed from the car, the old model of the music business will be completely out." - Price
Overheard: 60% of Android users (as well as iTunes customers) have an average music budget of $50 per year."
The half life of a tweet is 9.9 minutes; half of your engagements will come within 10 minutes of a tweet." - Colin Brumelle, Twitter
If your target market is under 25, you cannot ignore YouTube." - Rachel Masters, Red Magnet Media
YouTube is the new MTV - it will one day be the #1 revenue source for copyright holders." - Jeff Price
The best tool for artists is not Facebook, but the bit of paper fans write their email addresses on at a gig." - Benji Rogers, PledgeMusic
Letting fans record and share our shows has exponentially increased our concert attendance." - Michael Franti, leader of the band Michael Franti and Spearhead
The more you show who you are, the more the fans will relate." - Franti
EDM artists tend to be the first who 'get' new and disruptive technologies." - Alexis Giles, DJZ
The fan is the headliner; the DJ is the soundtrack." - John Boyle, CFO Insomniac
Music vs. Sports?
Overheard: People spend 3.5 hours a week watching sports, but 14 hours listening to music; yet sports is $500 billion industry and music is only $70 billion."
Overheard: Don't monetize content, monetize fans. NFL knows how to do it but music industry doesn't.
Concentrate on the voice of the product and the features that are the most important." -Sean Porter, Ticketfly
PledgeMusic keeps money back for refunds, so people chase us and not the artists." - Benji Rogers, PledgeMusic
Festivals that are innovative, creative, and treat customers right will be the successful ones." - Rick Farman, Superfly
Overheard: 20% of the product is getting 80% of the use, so we go back and do some unfortunate fat trimming."
App developers: respect the knowledge that you won't always have bandwidth [for primary functionality]." - Ethan Kaplan, Live Nation Labs
Music streaming apps must become simpler and get right to the actual music (look at Songza)." -Steve Jang, Soundtracking
Cache Is King: Apps should download music to my device for quick offline play." -Jang
Warner Bros Records' business from mobile devices has doubled in the last year." - Ayal Kleinman, WB