Record Industry Innovation Prize
I just posted the seed of an idea in Music Think Tank, and I’d be really interested to hear what you think about it. Head on over and have a read.
Essentially, the idea is that the Record Industry should offer a cash prize to the most innovative and successful new online music business startup. Moreover, tech entrepreneurs who enter to compete for that prize should be exempt from royalties for two years while they grow their business and prove their concept.
Other than that – no real rules. I think it would probably be a mistake to impose upon the technologists criteria such as ‘it should be about streaming’ or ‘retail models only’. The idea is to cast the net wide in order to generate new ideas that will grow the industry. But I’d love to hear your thoughts on it.
It’s a hypothetical, but I do like the idea. I’ve called it The Record Industry Innovation Prize. I’d love for you to jump in with your comments.
3 Comments. Write a comment or link to this post
fakedjs
I think there’s a market for a system tracker that has the capability to track all Internet music streams. Instant, high-speed, and ubiquitous Internet access will eventually obviate the need for downloaded music files. And then we need to make sure each of the platforms (iMeem, Seeqpod, whomever) pays 50% to the artist, 1% to the publisher as a % of the number of plays that artists received. The same goes for the ftp platforms. yousendit.com, sendspace, filefactory should be paying % revenue for transferred files.
Maybe Google can create this tracking technology. Either way, the musicians get their due and the music appears ‘free’ to the end-user. The platforms must pay for hosting as a radio station would do.
May 24th, 2008
Milton
Posted my comment on this at Music Think Tank if anyone is interested.
I am not quite sure how the “ping-back” thing works or I would do that, sorry.
May 24th, 2008
Cold Play Tribute King
That sounds interesting! The newly started online music business will be encouraged to improve and work harder to make their business successful. And I guess there should be a strict criteria for those who will join.
May 30th, 2008
So... What do YOU think?