Last night was the opening ceremonies for Digital Hollywood, the premier conference between Silicon Valley, Hollywood and Wall Street.
Quincy Jones was the keynote speaker at the Urban Media Leadership Roundtable. This was truly trans-generational event, produced by Quincy’s son QD3 and consisting of a broad representation of decision makers from the music industry, advertizing, and marketing. It was a historic night. In his on indomitable way, Quincy laid out the history of the record industry in his opening remarks…but the catch phrase that caught the attention of the crowd was that Record Labels Are Dead but the Music Business Is Alive And Thriving!
The panel jumped all over this subject of how technology has disrupted the traditional music paradigm, emphasizing the expanding global market and alternative sources of revenue. The discussion quickly fell into two definitive fractions; old world and new world. Ted Chung, Chairman, of the Cashmere Agency (Snoop Dogg’s management), and Rza of Wu Tang Clan, embraced the subject from the Artist perspective, talking about how it’s more important to be heard and build a fan base then to sell records. Conversely advertizing/marketing guru’s, of Interpublic Group and AEG (two of the largest advertizing and promotions companies on the planet) stepped forward, speaking on the practical side of business…Somebody’s Got to Pay!
It was a great panel and enlightening discussion. Bringing home the issues that are facing not only the music industry but all of Hollywood in this new inner-connected digital world; How do we grow the entertainment industry when you cannot control the end product. Do we give the product away free as a loss leader for alternative source of revenue, or do we build more walled gardens to control the distribution and sales of entertainment products. According to Music legend and impresario Quincy Jones, we need to embrace new technology that allows us to develop global markets, create new delivery channels, and enhance the end user’s listening experience.