Photo: Music Tectonics
Greetings from Santa Monica! As a Minnesota guy, I was looking forward to trading our usual cold for some California warmth, but ironically, my first weather check showed identical temperatures in both places (I’m still waiting for my refund from the Weather Department). Weather surprises aside, I recently had the pleasure of attending the Music Tectonics conference, a melting pot of ideas and innovations in the music industry. From keynotes to casual conversations, there was no shortage of insights. Here’s a peek into what I observed and learned.
The Decline of Traditional Streaming
One of the first things that struck me was the consensus on the decline of traditional streaming platforms like Spotify and Apple Music. It seems these platforms, once the darlings of the music world, are losing their luster, especially among younger audiences. I heard one speaker compare the current sentiment towards streaming to how CDs became uncool for my generation. The economics are stark – streaming platforms pay fractions of a penny per play, meaning artists need tens of thousands of streams just to match what they might make from selling a single VIP ticket. At Music Tectonics, this reality was a frequent topic of discussion among both independent artists and label representatives. It’s a fascinating shift – streaming just doesn’t excite the kids anymore.
The Rise of Music and Video Integration
A far cry from the passive listening experience of traditional streaming, the integration of music with video content is on the rise. Platforms like TikTok are leading the charge, transforming how we consume music. Look at what happened with Fleetwood Mac’s ‘Dreams’ in 2020 – one viral TikTok video sent the song back onto the Billboard charts after 43 years and introduced the band to an entirely new generation. It’s no longer just about listening; it’s about engaging. Music splicing and video sharing are creating interactive experiences that resonate more with today’s audiences. I saw countless examples of this trend at Music Tectonics, reinforcing the idea that active engagement is the future.
Importance of Direct-to-Fan Engagement
One theme that stood out to me was the critical need for direct-to-fan engagement and monetization. What’s particularly interesting is how artists who’ve built strong direct relationships with their fans are finding ways to earn more from a thousand true fans than from millions of passive streams. Despite its importance, very few startups at the conference were tackling this head-on. Many were engrossed in developing AI and music splicing tools. Yet, the ability to connect directly with fans and monetize that relationship is vital for artists. This is an area ripe with opportunity and one that I believe holds significant potential.
Practical vs. Cool: Why Simplicity Wins
I had the chance to meet with various startups, each with its unique angle on the music industry. What struck me was the focus on cool, complex technologies like AI and blockchain. While fascinating, these innovations sometimes overshadow practical solutions that address immediate needs. Our approach at Pennant TV, focusing on connecting artists with fans through video, seemed refreshingly simple in comparison. This practicality resonated well with participants, including major labels and industry professionals who appreciated the straightforward value we offer.
Blockchain and AI: The Hype vs. Reality
Speaking of AI and blockchain, the conference provided a sobering look at these technologies. While they still hold promise, their initial hype has definitely waned. The key takeaway here is to focus on practical applications that add real value rather than chasing every new tech trend. It was a good reminder that technology should serve a purpose and solve real problems, not just exist for its own sake.
Networking and Future Opportunities
One of the highlights of the conference was the opportunity to network with industry veterans and startup founders. The conference brought together an impressive mix of industry leaders from major labels, tech companies, and successful startups all focused on solving these challenges. I made some valuable connections, including a former CEO of CD Baby and representatives from major labels. I’ve got some really solid follow-ups lined up, and I’m excited about the potential partnerships and investment opportunities. These interactions underscored the importance of being present at such events – you never know where the next big opportunity might come from.
As we navigate this ever-evolving landscape I’m optimistic about the role Pennant TV will play. Thanks for reading, and stay tuned for more insights from the frontlines of the music industry!
