RECAP: "What is Your Social Music Currency?"
Last night, SoundCTRL — a group that explores the convergence of music & tech — hosted an Official Social Media Week panel on the future of music in the digital era and the question “What is your Social Music Currency?”
The event was fittingly held in the old Tower Records space on 4th & Bway, which felt so desolate and sad, after being stripped of its musical inventory. Brightening things up though, was a non-profit organization entitled “No Longer Empty” which brings temporary cultural exhibits to unused real estate throughout the city. As such, the walls displayed a slew of musical tributes, ranging from a flock of birds made out of old vinyl records to a wall plastered with all of the magazine covers that famed wanna-be rapper, Vanilla Ice, graced back in the early 90s.
Before the panel got started, SoundCTRL announced a new contest called FlashFWD. Here, they are looking for the top music startups that are reshaping the current music biz model as we know it. (Be a doll, and nominate my client BLAZETRAK for this honor here). Winner gets to attend the infamous SXSW conference, the largest music & tech conference of the year.
The panel incuded:
James Andrews – Moderator (@keyinfluencer)
Marisa Bangash – Uncensored Interview (@mbangash)
Andrew Katz – Pepsi – Music Marketing Division (@phillykatz)
?uestLove – Drummer for The Roots / current drummer on The Jimmy Fallon Show (@QuestLove)
The debate explored the not-necessarily-foreseeable new model that the music industry is going to need to adopt, as music sales continue to decline, and the consumer continues to have innovative ways to access music online for free. For the most part, the panel agreed that the question comes down to the financier. Who is going to finance the artist development, the studio time, the production, and ultimately, the publicity of the musical acts? How are we going to have superstars like Michael Jackson and Beyonce without sales and thus funding?
This lead into a discussion over the notion of partnering Brands with Bands, and if the advertising companies, or the huge corporate sponsors (Hi there, Pepsi!), would be the new creatives in the business. Brands as curators? And whether or not marketing will impede upon the musical integrity of an act. Andrew Katz, representative of Pepsi, quickly chimed in that this is something that Brands will have to earn. It’s a process of building up that kind of credibility and respect, something he says Pepsi is already in the process of doing.
Other suggestions for new revenue models ranged from music superstars being paid to tweet, having digital music listening charge like a utility bill would, and even one mention that Blazetrak is solving the problem!
My favorite moment of the night was when Questlove was talking about hip-hop not having any credible acts with major $$$ budgets backing them before 1992. At which point his eye conveniently caught the Vanilla Ice exhibit, and he cracked up, thinking about how it was manufactured rap acts just like this, who helped to bring hip-hop into the mainstream. Questlove’s insight, passion, and humor added a thoroughly enjoyable touch to the evening’s discussion (read: huge crush).
What do you think is the next sustainable model for the music business?
**All photos courtesy of Random Night Out’s Nick McGlynn
*The Panel (from left to right): James Andrews, Marisa, Andrew Katz, Questlove
*The audience, during Q&A (I was sitting directly in front of the guy asking the question, how am I not visible?)
*Nate Casey, co-founder of Blazetrak.com, chatting with Questlove
*The lovely Emily Gannett with Social Diva, Peg Samuel.
*The SoundCTRL board members w/ the Panelists
[Alyson Campbell for It's All Very PR]
Tags: ?uestLove, Alyson Campbell, Andrew Katz, Blazetrak, James Andrews, Marisa Bangash, QuestLove, Social Media Week 2010, SoundCTRL, What is your social music currency?