In an interview with the Financial Times, music industry analyst, Michael Schumacher, described the biggest mistake of the music industry’s history.
“In many ways, the biggest misconception that’s been perpetuated is that the music business is about ‘what can we make out of the history of this industry?’
And I think that’s probably true.
And we all know that’s not true,” Schumachers said.”
I think what’s really happened is that people have tried to build a business around these kind of things.
They’ve tried to make it about the way they’re doing it now.
And that’s where they’ve done a huge amount of harm.
I mean, it’s really been a disaster for the industry.”
While Schumbecks predictions of a digital renaissance have proved prophetic, the future looks very different for music companies and artists.
According to Schumbacher, “There are a lot of opportunities to do things differently.”
In the end, he believes that the future of music and the future for artists is a more collaborative one.
“If you think about the last few years, artists have really had to do a lot more to collaborate.
We’ve had a whole lot of artists getting paid less than what they should have been.
We’re in a lot better position now than we were even a year ago, but there’s still so much to do.”
And artists are starting to make music in new ways.
They’re starting to record music for people that they know personally rather than just sending it to the Internet.
And a lot artists are doing that for free, so that’s going to create a lot less friction and that’s a huge opportunity for musicians.
“The financial Times report came on the heels of a massive report from research firm Nielsen that found that Apple, Spotify, Rdio, Pandora and other digital platforms lost $1.2 billion in the first half of 2016.