I thought for a bit and finally had to give a very non-unique answer. In a less eloquent manner I stated that that the music business’ biggest challenge now and in the foreseeable future is to obtain and apply the willingness and ability to timely adapt to a rapidly changing consumer driven marketplace, specifically as it pertains to technological advancement.
I don’t believe that technological development is going to slow down. There will be new formats of delivering music to the users that we haven’t thought of. I have been a defender of the major labels and still am. Yet, I must admit that many of us in the established music industry have been slow to adapt. ,myself included in many ways. Change is never easy but survival often depends on it.
When Walt Kelly penned the following words through his famous comic strip “Pogo”, he described what he saw as the human condition. “We have met the enemy and he is us.” I believe the greatest challenge for the music industry in this and the coming decades has been and still is “us”. Our future health lies in the ability to recognize and accept consumer preferences and desires and then to find a way to satisfy those desires in a profitable way.
Acceptance of major change is a bitch. But I’m getting there.