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Global Entrepreneurship @entrepenenture
, 12 tweets, 12 min read Read on Twitter
Let's start our #GlobalEChats on #music!

Among our #discussion topics: 1. #Stakeholders in music and what happens to them? 2. #Production of music 3. #Consumption of music 4. New #technology out there!
Firstly, let's talk about how scary #technology and #advancement can be to #music.

Some stats:
The US lost $12.5 billion a year in total sales due to pirated music.

71k jobs were lost; $2.7bn in annual earnings; $1.1bn of that would have been earned by the industry.

But as with any #tech #disruption, there are always negative externalities.

In the #music industry, most of the bad press came from #piracy. Sites like Napster and P2P torrenting were rampant back in the day.
So who are the #stakeholders to the #music industry?

1. Musicians! As #Producers of music themselves.

2. The #Industry (labels, engineers, distributors, etc)

3. #consumers of music (That's us!)
So firstly, the #artiste and #musicians themselves are affected by #tech in #music.

Some of the ways their craft is permanently changed are:

1. Creation of music is now at a much higher quality, even without professional equipment.

2. They are able to edit and correct mistakes
For them, #MIDI is a gamechanger. It allows them to edit and correct musical mistakes and shortens #production time due to these errors.

And not forgetting the #internet too, of course. The Internet and @YouTube has allowed just about anyone to reach out to the masses.
The biggest losers of the #music industry is arguably the record labels.

Previously, they are the rule makers and own the right to the music itself. But gone are those days with the birth of @kobalt and the likes.

Kobalt allows musicians to retain #rights to their music.
And for us consumers? Well, the biggest change that #tech has brought to us is the way we consume music itself.

From only live shows to #vinyl to CDs and now in form of #digital music.

Today, we no longer purchase and store CDs. Everything is on #CloudComputing and on-demand!
But one subtle progress (or not?) that we #consumers benefit from is the birth of new #genres!

From K-Pop to Electronica, we have a wider range of musical genres to listen to!

As for the existing genres? Their production and restoration are in constantly improving #quality!
So when we talk about how #tech has changed the #music industry, we should think beyond just the transition from CDs to @SpotifyMY.

But no technology can come close to musical legends, of course. So to answer the poll yesterday, NATURAL TALENT FTW!!!!
And if you want to watch some videos on this issue, I recommend:

Well, what do you think?

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