FMC Policy Summit: Music 2.0 Business Models
A very inspiring organization, the Future of Music Coalition, have released a series of videos that explore new music industry models. The significance of these models is that they take into account how artists need to be compensated, but recognize the need to be relevant in culture. Of all of them, the subscription-based models stick out the most to me. Music consumers are no longer in the mindset of paying for music on a “per unit” basis. Instead, we have come to expect to get our music for free, immediately, and involve little effort. A subscription service could possibly function within a culture like ours because it mostly matches this criteria. Subscription services, like Rhapsody, “feel free” because it is an all you can eat buffet – a once per month, small fee. In turn, a subscription offers the same flexibility and feel of free downloading.