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December 18, 2010

How To Approach Fixing The Music Business

I thought "how to fix the music business" might have been a bit presumptuous, but the point is, I was struck by a brief passage in a recent Wired magazine article on "retail hacking," that articulated the idea behind Groupon, according to CEO Andrew Mason:

To his mind, the most effective coupons aren’t the ones that save you money on things you’d buy anyway; they’re the ones that come from out of nowhere, giving you license to buy something you otherwise wouldn’t.

This is precisely the type of "discovery" process that has been sucked out of the mainstream music industry almost in its entirety. The music industry, for many years now, has been wholly uninterested in getting consumers to buy something they otherwise wouldn't, unless it's the 14 tracks other than the one song you're interested in on an album. Music download services make that last part less of an issue, but the main point still stands, at least until Apple figures out what it's really trying to do with Ping.

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