The digital revolution is affecting many industries at a rapid clip. But these days, it might be harder to find a sector in more turmoil than the music industry.
The way we create, discover, buy and experience music is constantly shifting and changing. This can be exciting for consumers and musicians, but also a source of tremendous anxiety for those trying to navigate this new landscape as old business models implode. In particular, it’s made it difficult for music labels and artists to figure how exactly creatives get paid for their work.
As with many such revolutions, this volatility brings both problems and opportunity. That makes the music industry ripe for disruption, and we’re seeing entrepreneurs funnel in with new ideas.
In early June, artists, label executives and entrepreneurs descended on Cannes, France to attend the annual Midem music industry conference. One of the biggest areas of focus? The future of music marketing.
Startups got to show their fresh ideas as part of a competition. For the category, Marketing, Social Engagement & Monetisation Solutions, Midem organizers received 100 applications. Of those, 10 were selected to present at the show. You can see a full list here, along with introductory and promotional videos for the services.
In advance of the 10 finalists presenting, Ruth Mortimer, content director for Centaur Marketing, gave an overview of how marketing of music was evolving in the digital age. (See her full talk here.) New digital platforms and tools are allowing for a richer understanding of the audience and leading to innovative new ways to reach them. “It has to be about the experience,” Mortimer said. “And you have to think about it on every platform.”
“There are new ways you can talk to your audience that might be far more relevant and make a big impact,” she added.
The finalists very much reflected that spirit, Mortimer said. Dotted Music created a video game, Zombie Road Trip, that was free to users who liked the band’s Facebook page. Kwettr created temporary online pop-up stores that let fans buy various items by using Twitter. In the process, the bands and labels can use the interactions to collect new data and fine-tune their social media campaigns.
The winner of the marketing startup competition was Unique Sound, which created an online marketplace for freelance composers and song creators to connect with songwriters and agencies to form new creative teams.
It’s anybody’s guess which startups will strike gold. But the level of energy being devoted to developing new marketing tech for music should be cause for optimism in an industry that is trying to find its way forward.
Image credit: Midem
Posted in Sales & Marketing by Lisa PetrucciLisa Petrucci is Vice President of Dun & Bradstreet Global Alliances and Partnerships.