Going Digital...

There was a time when the term “going digital” seemed like something that came out of a science fiction movie. What does that even mean? Will we get to a point where there are more robots than actual people? All jokes aside, technology is creating possibilities that most of us would never have thought. We’re now at a point where having a cell phone is normal and I can have a face-to-face conversation with a friend of mine who lives in Uruguay through Skype and FaceTime from my living room in Orlando. The entertainment industry is probably one of the most reluctant when it comes to going digital. The real issue for the entertainment industry as well as any industry when looking to the future is; how can we monetize this? Industry insiders need to also think from the consumer’s point of view. Why would I want what you’re selling ESPECIALLY when I can get if for free due to the new digital way of life? Make it worth my wild!

The entertainment industry holds many sub-sections. Within the last 10 years, music, movies and television have been at the forefront of figuring out their digital futures. Print media (magazines, newspapers and books) are following suit, a bit slower, but they’re working it out. One mistake I think the music industry did was go after the digital transition with lawsuits and lawyers. (See more information about the Napster trial here).

 The reason why I feel like lawsuits aren’t the way to fight for your money is because you’re losing money! The Napsters of the world saw a need with consumers and filled it. Record labels and musicians are finally taking advantage of the partnering with the digital age. Social media has become the bridge between the industry and consumers. Personally I believe social media is how you monetize the digital age the entertainment industry and society in general. Social media brings you consumers if used properly. A&R representatives are becoming an endangered species due to the ease of finding new talent via social media. Alexandra Topping for the Guardian delves deeper on this topic in her article entitled Twitter power: how social networking is revolutionizing the music business. 

In the end, it's all about being flexible! Change is inevitable in life and in business. The challenge for us future business owners, and entertainment industry professionals is to attempt to stay ahead of the curve and create ways to connect to our niche markets through these new technologies. Take advantage of the new possibilities!