primephonic: classical music in the digital age

primephonic
iii.
investment in digital
music innovation
But at least we’re getting started with the
right tools now. There are more catalogues
available, better metadata and fewer technical
barriers. We forget how far we’ve travelled in
the last 24 months. So many of those early challenges
have been removed and that creates a
fantastic platform for innovation. The work is
not finished by any stretch of the imagination.
Over the last 2 or 3 years, the industry – the
likes of Universal Music Group, Decca, Naxos,
Deutsche Grammophon – has
become focused on how we
make sure the classical experience
is compelling. And
there’s a resurgence in interest
in artists and repertoire.
So despite the fact that
the relative share of the digital
marketplaces has been challenging
in classical music over
the past few years, I’m really
encouraged by the focus on investment that
we’re seeing across the major labels and the
major independent producers of classical music
and just a great example of where the indus-
try is headed. At CES (Consumer Electronics
Show) this year in Las Vegas, three major record
labels came together to demonstrate not just
a desire to help support high resolution music,
but also that they are investing in and making
these services available. So I am encouraged
about what the next few years will look like for
all musical genres, but particularly classical and
jazz that have been so under-served in the last
few years.
Goldman Sachs published a report not
so long ago about what the music industry will
look like in 2025.The most significant thing
about this authoritative report is that it pulls
together all elements of the music industry and
looks at them through a single
lens. The challenge of the
music industry over the last
couple of decades has been
fragmentation, and that is just
as significant in pop music as
it is in classical music. Once
you separate investment in
artist and repertoire from an
ability to generate revenue,
then it becomes challenging
to continue to invest. For the first time, we’re
beginning to look at the industry through a single
lens which is tremendously encouraging for
all genres of music. And I’m a cynic. I’ve been
doing this too long to be easily convinced of
these things! So I can safely say, it really is an
exciting time for the music industry.
The advice I’d give to those new to
streaming is: you’ve got to try it. You’ve got to
42