By Steve Meyer, Inside Music Media™ Contributor"The proper response to digital technology is to embrace it as a new window on everything that's eternally human, and to use it with passion, wisdom, fearlessness, and joy." - Ralph LombregliaWhile the principal operating philosophy in all business models has always been spending with analysis on ROI (Return on Investment), we now see a shift in the digital age where companies focus operations and marketing on RCE. (Relevance, Creativity, Engagement). Those elements are what separates leading innovators like Apple from other hi-tech companies and those elements are critical in redefining goals as things change daily. It doesn't mean ROI goes out the window. It means that to get a satisfactory ROI, companies that want to remain competitive and ahead of the curve, should invest heavily in RCE.
Perhaps adding a shift in paradigms from ROI to include RCE would benefit the music industry greatly. Without putting the best minds together and defining the 'relevance' and value of music in today's marketplace to consumers (critical); employing 'creativity' in all areas of the business to generate new dynamics and revenues; and 'engaging' consumers for the long-term, the same problems will continue to plague the industry this year and beyond. You know the tune, more of "meet the new boss ... same as the old boss."
One thing is certain: the old walls are "tumblin' down, tumblin' and tumblin', tumblin' down."
With all the new technology headed our way and already at hand, the industry should put their best people together to work on exploring every possible new revenue stream that can be created with new models once designed. Steve Meyer is one of the music industry's top professionals and publisher of the new media newsletter DISC & DAT.
