Magazine article Variety

The Future of Music Doesn't Involve the U2 Generation

Magazine article Variety

The Future of Music Doesn't Involve the U2 Generation

Article excerpt

The music business is going to be all right.

The No. 1 lesson I took from the U2 kerfuffle was not that you shouldn't invade people's devices without permission, but how few people knew who U2 was. Time marches forward, and what is big today will almost certainly be forgotten tomorrow. Even most of the Beatles songs won't make it into the next century.

I hung last weekend at the Summit Series event at Utah's Powder Mountain, with a bunch of the youngsters who will inherit the music scene.

Summit Series started in 2008 as a three-day event for less than 20 entrepreneurs at a Utah ski resort. Then the proprietors bought a nearby ski area and are building a community. Now 1,000 of the world's leading young entrepreneurs, nonprofit leaders, artists, scientists and change-makers attend what has become a four-day confab.

Many of these types of entrepreneurs used to populate the music industry; now they're in tech. The weekend was about the nexus of the two, but the truth is, young people have been frozen out of upward mobility at the labels and to a great degree the live business. So they're focusing on apps and data, and even though they may not realize you need rights to execute your vision, today's culture believes their peers will inherit the rights, and we will get movement.

I talked to many people, and heard many stories, but my favorite came from Jonas Tempel, who founded online music store Beatport. He was a deejay who'd started his own advertising agency. He tried to sell Beatport to Apple, since the ad agency's client, Volant skis, had Apple's Mike Markkula on its board. But Apple said no, and launched the iTunes Store shortly thereafter.

Tempel felt embarrassed, but he and his team stuck with it, and launched anyway, at steadily climbing prices, with endorsements and investments from the likes of DJ Richie Hawtin.

Then they made a deal with a venture capitalist who invested $12 million - two-thirds of which was never spent. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.