It is time for the music industry to hit the reset button. Albums are not the prevalent metric, A&R is crowdsourced and anyone can get a distribution deal. The building blocks for change are currently being laid as Congress works to identify the problems with the current copyright laws and systems, and hopefully, introduce reform.
There is often conflict between law and innovation, and in the music industry, this conflict has created the perfect storm. The innovators who had the vision to know how future generations would want to listen to and share music did not intentionally set out to rip people off. But the laws have not evolved to support digital consumption. As a result, business models were born out of lawsuits, reactionary technologies were built, interests became disjointed, and the old regulations still in place were no longer relevant or sustainable in digital models. The law is the fundamental building block preventing necessary reinvention; until laws change, the storm rages on.
With proper TTC in place, there is tremendous opportunity for a healthy economy where all parties – solo artists, major labels and tech companies – can participate and prosper, but we will only get there when we align ourselves and our interests in order to bring about legislative reform. It is the first step.
Once the laws have been updated, existing business models that have been built on the backs of intellectual property may drastically change, and the dollars that have shifted from copyright owners to technology companies will be up for grabs. We cannot wait for reform to happen. Now is the time for the music industry to invest in technology for themselves and prepare strategies for reinvention.
Jenn Miller is the COO and Co-Founder of Audiosocket, a music licensing and technology company that streamlines rights management and copyright protection.