How the YouTube era damaged brands’ relationship with the music industry
At this year’s SXSW music conference, no less a figure than Paul Krugman, the Nobel Prize winning economist, was discussing a $64,000 question shared by brand marketing and procurement execs the world over:
“How much is music worth?”
It’s a pertinent question.Especially in the YouTube era where, to all intents and purposes, music has become a ‘free’ commodity to an entire generation – some of whom are joining the marketing profession.
Those who ignore the finer points of intellectual property do so at their peril
As envisaged by David Bowie more than a decade ago, music now flows openly like water. Fans no longer need to plumb the murky waters of Pirate Bay since the entire history of music, licensed or otherwise, is now available at a click. However, against this consumer backdrop of diminishing value, for brands and their agencies, negotiating the price of music licences for marketing communications remains a minefield.
The music rights landscape is fragmented and complex – controlled by record labels and music publishers – and those who ignore the finer points of intellectual property do so at their peril. (On this point, Bowie’s future-gazing went somewhat awry – in 2002 he also predicted that “copyright…will no longer exist in 10 years”
Sourced through Scoop.it from: www.marketingmagazine.co.uk