Another one of my favorite authors, Seth Godin, wrote a fantabulous post today of music lessons for the music industry (i.e. for major labels). Definitely a great read — here’s a lesson summary, but be sure to check out the full post:
0. The new thing is never as good as the old thing, at least right now
1. Past performance is no guarantee of future success
2. Copy protection in a digital age is a pipe dream
3. Interactivity can’t be copied
4. Permission is the asset of the future
5. A frightened consumer is not a happy consumer
6. This is a big one: The best time to change your business model is while you still have momentum.
7. Remember the Bob Dylan rule: it’s not just a record, it’s a movement
8. Don’t panic when the new business model isn’t as ‘clean’ as the old one
9. Read the writing on the wall
10. Don’t abandon the Long Tail
12. Celebrity is underrated
13. Value is created when you go from many to few, and vice versa
14. Whenever possible, sell subscriptions
#2, #3, #4, and #10 are especially relevant to any new, indie/unsigned artist. How do your own music creation/promotion/distribution efforts stack up? (I’m already re-thinking a few things…)
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