The music industry has been involved in a financial roller
coaster since 1998. At that time, music companies spent large amounts of money
in building music artist careers, expecting substantial revenues out of
recorded music sales. In 1998, recorded music sales were around $38.6 billion. In
2008, they dropped down to $18.4 billion, and in 2010, they went down
drastically to $15.49 billion.
The arrival of digital music and its revenues helped the
music industry debacle, with a third of the recorded product sales but it
hasn’t been enough. The rise of music companies such as Pandora and Spotify
have opened a new window for the music business. Nonetheless, specialists are
not too excited about the projected future.
Why is Apple so innovative despite having the same resources
as any other computer company? Why did so many people follow Martin Luther King Jr. by just word of mouth? They connected with people in a whole different way. Simon Sinek discovered few years ago the way all successful
companies and leaders communicate their ideas. They have used the exact same
pattern, and he called it the Golden Circle.
My fourth month at Full Sail is almost over, and I
am having such an amazing time here. One of the assignments for this month was
to write a blog post about an industry association related to our area of interest. I didn’t even hesitate in choosing The LatinAcademy of Recording Arts & Sciences. This important association has done
so many things for the Latin community, and they are responsible for showing
the world the talent of Latin music professionals.
As an active Grammy U member, I
received an invitation to an event called “Grammy Future Now.” Many
personalities of the music industry would be present and I didn’t want to miss
the chance. The event was going to be held on Friday and I drove from Orlando
to Miami the day before. Hopefully, I was able to arrange an interview meeting
that same Thursday with the Executive Director of Peermusic Miami and Puerto
Rico, Julio Bagué.
