On the heels of the news that there’s a massive value destruction wave coming into Turkish music with TTNetMuzik.com, here’s a great post from Seth Godin, on what the music industry should be thinking about.
While I agree with Seth on pretty much all points, I think the music business, in fact all sectors facing digitization, needs to digest a massive change in mindset: They have been profiting from an artificial friction creating high marginal costs for scale. With digital content, that friction has disappeared. It will continue to erode on other areas with artificial friction.
The music business has to understand Seth’s rule 0:
The new thing is never as good as the old thing, at least right now.
the new thing will be better than the old thing will be. But if you
wait until then, it’s going to be too late. Feel free to wax nostalgic
about the old thing, but don’t fool yourself into believing it’s going
to be here forever. It won’t.