slides from univ of miami international legal symposium keynote address
TRANSCRIPT
![Page 1: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/1.jpg)
A Cautionary Tale:
Canary In A Coal MineHow the Music Industry
Destroyed
Itself
And How You Can
Avoid
The Same Fate
George Howard
Founder, GHS
Associate Prof., Berklee/Brown
Co Founder, Music Audience Exchange
@gah650
![Page 2: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/2.jpg)
Any institution built upon a firmament of
unethical behavior, will ultimately crumble.
From its inception to today, the music industry has traded on exploitative
asymmetrical relationships between themselves and those who create and
purchase their products.
This has resulted in “relationships” of necessity and command/control power
dynamics, rather than actual - shared benefit - relationships.
This “original sin” led to practices and byproducts that so handicapped the music
industry that it has essentially collapsed.
Its fate is avoidable, but requires a shift in traditional business thinking.
What the hell just happened?
![Page 3: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/3.jpg)
Ironically…
…the music industry refused to listen to customers
or market signals
![Page 4: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/4.jpg)
An incalculable - literal and figurative - distance between the industry and its customers/suppliers was created, and, thus, dea
Result:
![Page 5: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/5.jpg)
Result:
Vast over adherence to “cash cow” model, even while
“shooting stars” presented themselves…constantly
![Page 6: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/6.jpg)
…just slower than the Amish. (Credit to: Stan Cornyn)
The music Industry adopted new technology…
![Page 7: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/7.jpg)
Attempted to Destroy:
Temporary salvation: Piano Rolls
![Page 8: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/8.jpg)
Attempted to Destroy:
Temporary salvation: Vinyl
![Page 9: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/9.jpg)
Attempted to Destroy:
Temporary salvation: Cassettes
![Page 10: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/10.jpg)
Attempted to Destroy:
Temporary salvation: Mustaches/Brooklyn
![Page 11: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/11.jpg)
Just making sure you’re still with me
Temporary salvation: Coffee
![Page 12: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/12.jpg)
Attempted to Destroy:
Temporary salvation: Compact Disc
![Page 13: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/13.jpg)
Attempted to Destroy:
![Page 14: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/14.jpg)
![Page 15: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/15.jpg)
…it became information. People share information.
When music transformed from analog to digital…
![Page 16: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/16.jpg)
"On the one hand information wants to
be expensive, because it's so
valuable. The right information in the
right place just changes your life.
On the other hand, information wants
to be free, because the cost of getting
it out is getting lower and lower all the
time.
So you have these two fighting
against each other."
—Roger Clarke, Whole Earth Review,
1985
![Page 17: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/17.jpg)
The collapse of the music industry obviously and easily predicted the travails of newspapers, books, film, tv, retail that mo
Its fate, however, is a cautionary/instructive for far more.
Our Models:
Harry Potter’s Mirror
Customer As
Teacher
Architecture of
Participation
![Page 18: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/18.jpg)
Model I:
Harry Potter’s Mirror
All great companies avoid commoditization via product offerings that
make those who use them feel a more realized version of themselves.
This requires a deep understanding of and transparent expression of a
firm’s values. It’s “WHY.”
![Page 19: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/19.jpg)
Model I:
Harry Potter’s Mirror
“We are like X company, with Y competitive advantage no longer works.”
Replace “Y” with “wh(Y),” in order to avoid innovator’s dilemma trap and
embrace whatever technology gets you to your KPI/WHY fastest.
![Page 20: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/20.jpg)
Model II:
Enlightened Customer As Teacher
As customers resonate with the firm’s clearly defined and articulated values (its
Values…its “wh(y),” They build durable bonds of trust as well as Positive
Information Asymmetry.
They have discovered some product/service that makes them feel better about
themselves.
![Page 21: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/21.jpg)
Model II:
Enlightened Customer As Teacher
They will be unable to NOT share this with their friends.
De-tethers you from outmoded “command and control” “marketing,” and shifts
the burden of promotion to customers/users in a distributed fashion.
Results in an increased NPS.
![Page 22: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/22.jpg)
Model III:
Architecture Of Participation
Our heuristic for an architecture of participation is drawn from Cross Fit:
• Social
• Fun
• Competitive
![Page 23: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/23.jpg)
Model III:
Architecture Of Participation
• This approach enables an ongoing dialog (Markets are Conversations)
between firm and stakeholders, in which the firm becomes a dynamic platform
for: learning/teaching
• creating/sharing
• cogitating/iterating
Closer relationship to customers.
![Page 24: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/24.jpg)
Platforms
![Page 25: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/25.jpg)
Platforms
![Page 26: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/26.jpg)
Platforms
![Page 27: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/27.jpg)
Platforms
![Page 28: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/28.jpg)
One Thing In Common
![Page 29: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/29.jpg)
Soundcloud
![Page 30: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/30.jpg)
Sartre?
![Page 31: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/31.jpg)
Why?
![Page 32: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/32.jpg)
Why?
![Page 33: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/33.jpg)
Result
![Page 34: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/34.jpg)
But…
![Page 35: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/35.jpg)
$
![Page 36: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/36.jpg)
Why?
![Page 37: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/37.jpg)
?
![Page 38: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/38.jpg)
?
![Page 39: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/39.jpg)
?
![Page 40: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/40.jpg)
?
![Page 41: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/41.jpg)
?
![Page 42: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/42.jpg)
There is no longer a music business.
There is now a technology business
with subsets.
Music is a subset.
…so is everything else.
![Page 43: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/43.jpg)
From modeling to measuring
![Page 44: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/44.jpg)
Already beginning:
Streaming made last year the music
industry's best since 2009
![Page 45: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/45.jpg)
Already beginning:
MAX, Dubset, et al. just the start
![Page 46: Slides from Univ of Miami International Legal Symposium Keynote Address](https://reader034.vdocuments.us/reader034/viewer/2022042723/58ef24c91a28abc1358b464b/html5/thumbnails/46.jpg)
Your job as lawyers/professors is to
remember:
There are two ways of being creative.
One can sing and dance. Or one can
create an environment in which
singers and dancers flourish.
—Warren Bennis