Home > Enterprise 2.0 in Industry > Music 2.0 the future of the online music industry

Music 2.0 the future of the online music industry

For an assessment piece at Queensland University of Technology I conducted a request for proposal for a business client, Passtime Poets has put out a request for proposal (RFP) for supportive input on the best means of producing their soon-to-be released album, ‘Versatility’.

In my research I came across Gerd Leonhard who is a well spoken authority on the topic of music 2.0.

Gerd Leonhard covers many aspects of what music 2.0 is and how social networking and web 2.0 has shaped the music industry. I have included a you tube video by Gerd Leonhard where he defines music 2.0

It is important to understand that the bands of today need to be able to communicate with the fans on a level where they are transparent and open. Web 2.0 allows for interaction between people that visit that particular site or platform. This can be anything from web-based communities, hosted services, web applications, social-networking sites, video-sharing sites, wikis, blogs and mashups.

When we look to the future of the online music industry we must look at web 2.0 technologies as they will have a major input in its development. According to Steve Ballmer (Microsoft CEO),

There will be no media consumption left in ten years that is not delivered over an IP network. There will be no newspapers, no magazines that are delivered in paperform. Everything gets delivered in an electronic form.

This shows a massive change in how the normal business models are operating. The music industry has had to rethink of its strategies on how it can remain competitive in the future whilst addressing these changing factors.

In the future are people wanting to go into a record store to buy music? Or are the next generation of music lovers going to want to buy music via a click. When we look at the growth of portable devices such as the Ipod we can see where the future lies, in digital distribution and downloads.

Bands such as Nine Inch Nails and Radio head saw these opportunities in the market place and moved on them. There has also been a growth in online web 2.0 platforms such as Garageband.com. Platforms such as these will play an important role in connecting bands into a wider community that up to only a few years ago was only possible through mass marketing and record labels.

The growth of these sorts of web 2.0 communities is astonishing. Garageband.com in its first year alone grew to over 100,000 members. They have also catapulted many unknown bands into stardom by featuring their music on their site and allowing members to download and comment on the music.

Enterprise 2.0 implementation framework

Enterprise 2.0 implementation framework

It is important before implementing Enterprise 2.0 to understand key drivers that exist. This framework also applies to Music 2.0. Bands that are looking to break into the industry need to look at the key drivers that are pushing the consumer and trying to harness those drivers by implementing key frameworks that will provide a competitive advantage. Those initiatives then need to be supported and there needs to be drive to push for ongoing change. Bands need to connect with the fans and clients to be able to collaborate and build an open and transparent environment for future growth. The music industry will continue to evolve over the coming years as music becomes more and more apart of out digital online experience.

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