Well, I say “the future”… that’s based purely on Gerd Leonhard‘s title of “Media Futurist”. I was recently lucky enough to spend a couple of days in the presence of him and Jeremy Silver at Future Music Labs, part of Creative Capital in Canary Wharf, London.
They both gave fascinating talks at the beginning of the first day, and I took lots of notes. I’ve just been looking back over them and thought there were a few snippits that are worth sharing. This will all appear in bullet-point form, as I can’t remember the exact context of each fact and wouldn’t want to misquote Jeremy or Gerd. Also, apologies if some of the facts don’t make that much sense out of context. They obviously don’t have the great slides that Gerd and Jeremy used to illustrate their points, too. You can see the slides for Jeremy’s presentation here, and Gerd’s here.
If they don’t make sense then let me know – I’ll improve my note taking technique!
Also, I’ll be adding news links to back up as much of this information as i can, when I can.
- The “value” in creative industries tends to be in digital media.
- In 9 years the music industry has lost 40 percent of its value.
- 20 – 25 percent of sales across the board are digital.
- Games companies are making money!
- Youtube‘s bandwidth costs $1m a day to maintain, and their daily loss exceeds $1m a day.
- In the UK £357 is spent on advertising per head of population (from memory, this is annually). 19 percent of this is online, the highest percentage in the world.
- The UK has the highest per capita spend on music. $82 a year.
- Consumers are very sophisticated and want to interact with music – e.g. see Rockband & Singstar, Radiohead allowing fans to remix tunes etc.
- 92 percent of Google’s revenue is from Adwords.
- Total fragmentation of the market is certain. Very few models work for everyone anymore. We’ll never see anyone having hits on the scale of The Beatles again. In TV Dallas used to get 70 percent of US viewers. Today the top show, American Idol, gets just 7 percent.
- Physical Media and productised content is the past.
- 1.7 million new mobile users in India every week.
- 6.8 billion minutes a day are spent on Facebook. It is a broadcaster, as are all social network.
- We’re living in an age of “Attention Challenge”. Distribution is now a default setting.
- Brand magnetism is everything. If you love them, you’ll buy them.
- “Money is just a type of information” – www.kk.org