To survive, musicians and their managers need to innovate and break out of the old ways of thinking about the business. The oft quoted conventional wisdom that artists can survive on touring and merchandise income is simply not going to work for most bands. Instead, real blockbuster success in the future belongs to those ready to break the rules and create new engaging musical experiences, and unique products and services that cannot be duplicated.
Musicians of the future need to face the fact that living a life in music is a privilege that they will have to earn through hard work, preparation, innovation and collaboration. Young artists need to be willing to take risks and push the edges of creative expression by embracing the reality that nothing about music is normal anymore.
We need fresh thinking and risk capital to fund the next wave of musical innovators. The Challenge for the Music Business is to create value in the place of falling revenue and to energize the new generation of music fans to really support music. Do you have what it takes to reinvent the business? What ideas do you have that could light the way into the future?