music to technology's ears
TRANSCRIPT
021
SUMMER 2013 | THE MARKET
digital music techNology
the global music industry is adapting to the digital age at an accelerated
rate, and new models for creating, consuming and accessing music are constantly being introduced into new markets. This digital landscape provides both opportunities and challenges for record labels, producers and artists. The internet makes the distribution of music faster and easier to access, but issues of piracy have risen. There is a strong feeling in the industry that artists should be rewarded financially for their work in the digital environment, just as they have always been in the physical world. In spite of technological advances, the consumer must accept that this revolution of choice does not make music free.
Not only does the internet create a financial gap for artists and record labels, it also creates a shortage of consumer data. “The music industry is in flux,” says Brendan O’driscoll, CEO of the music discovery start-up
company Soundwave Analytics. “It is suffering from a shortage of data. It used to rely on data based on physical sales to see where their customers were and what they were listening to. However, now 95% of music downloads are illegal so the light has been turned off over the market.”
In the Uk, digital revenues stand at one-third of industry income – an important statistic when one considers that this surpasses those of other creative industries (e.g. film, books and newspapers). There is a mood of optimism in the music industry here, and Enterprise Ireland sees this as an opportunity for Irish companies.
Ireland is home to some of the most exciting and forward-thinking music technology start-ups that are focused on driving opportunity and addressing the challenges faced by the music industry. Thought-leading companies such as 45sound, Seevl, WholeWorldBand, Soundwave Analytics, mobanode, Huggity,
Riffstation and Ticketfriend are but a few of the ones to watch.
To highlight this strong cluster, an Innovation in Music Technology Showcase is being run by Enterprise Ireland’s New market Entrants Team in dublin at the end of may. The New market Entrants Team, based in Enterprise Ireland’s Uk office, works with high-potential start-up (HPSU) companies, helping to build disruptive businesses across dynamic sectors, including online, digital and mobile.
Leading music technology representatives from companies such as mobile Roadie, mint digital and music Ally will hear about the impact of digital technology on the future of the music industry and learn about new ways of driving revenue in their business in the surroundings of The Sugar Club, one of dublin’s most creative music venues. Topics on the day will range from digital fan engagement strategies to collaborative content creation and music discovery to mobile festivals.
John Holland, CEO of audio-visual music platform WholeWorldBand, is one of eight speakers on the day who will share insights into how companies might change the music business: “Internet technology companies and platforms like Spotify, YouTube and SoundCloud are changing how music is discovered and consumed. At WholeWorldBand we are looking to enhance the collaborative composition, creation and recording of music,” he told The Market.
digital was once feared to be the killer of the music industry but this mindset is constantly shifting. According to the IfPI (International federation of the Phonographic Industry), “the music industry has grasped the opportunities of the digital world in a way few, if any, other businesses can claim to have done”.
For more information on Enterprise Ireland’s activity in the UK music industry, contact [email protected]
Music to technology’s eArsaislinn mahon reports that enterprise ireland is currently supporting some of ireland’s most exciting and forward-thinking music technology start-ups in the dynamic uk market.