What does the future have in store for the music industry?
Will the industry be able to revitalize what was once a lucrative business model?
From a consumer standpoint I am very happy with the current state of the music industry as I feel there is more choice than ever before and I am able to download any music I want in a variety of formats. The music industry on the other does not see it this way and are struggling to redefine their business model.
I just read an article in the NY Times that spoke about a new venture called Qtrax. Qtrax is seeking to help revitalize the music industry by creating an ad supported P2P network. I am not familiar with any successful ad supported, p2p music model, however that does not mean it is not a viable solution. In fact, maybe this solution can also help with the current issues that labels and music retailers are having with DRM. In light of Steve Job's recent comments on DRM this is certainly an area of opportunity.
While the idea of ad supported music not new it is sure an exciting space to watch. The added ability for advertisers to target based on some degree of relevance (style of music etc.) makes it even more interesting for people in the new media /marketing /advertising space.
Tags: Qtrax, music, music industry, P2P, DRM, Apple, Steve Jobs, marketing, advertising, media, new york times