A couple of music-industry leaders recently shared their insights on the future of the music business on the billion-dollar, mega-corporation level, Tim Ingham wrote for Rolling Stone. A few high-level takeaways from Warner Music Group’s Steve Cooper and Facebook’s Tamara Hrivnak are:
- “Augmented reality has the potential to be the next format for music,” and “it’s not about pre-produced content.”
- “We see a future that is video-first and interactive.”
- There aren’t enough streaming “options and choices for consumers.”
- “Protecting our 70 or 80 years of sound recordings—this invaluable and irreplaceable IP—will be critical.”
And a few interesting stats from the piece are:
- Goldman Sachs forecast that over half ($28 billion) of the global record business will come from paid streaming by 2030.
- Cooper estimated that 40 to 50,000 tracks are being uploaded to streaming services on a daily basis, and that there’s 15 to 20 million musicians on YouTube.