Reinventing the Creative Industry Business Model

We live in the social era. Everyone is one Facebook ‘liking’ each others posts, tweets about developments as they happen and professional networking on Linkedin while searching for jobs. Content creation too has been democratized beyond our imagination. Recently a superior showed his daughters blog on poetry, and she is all of nine. The stuff she wrote was good. She is a poet/writer from her pre-teen years. Unthinkable when i was growing up about a decade and a half back. I would have to type the article, send it over to the editor of the prospective magazine and wait for months before publication. Now a days, an aspiring singer/musician practices his/her craft, records it on the smart phone and uploads it on You Tube and it goes viral. The movie song ‘Kolaveri Di’ became an international phenomenon spurring derivatives of the original one.  Disruptive innovation is transforming creative production and distribution.  The era of intellectual property protection is diluted to no extent, as peer to peer websites have everything money can buy.

Amazon has changed the way we buy books. It has destroyed book store chains such as Borders and Barnes & Noble to close its business. Authors have their revenue streams cut. The royalty on an e book download is a fraction of its hardcopy counterpart. Authors publish their works for free by letting Amazon publish it only for the tremendous reach the website has. Book Publishing in its traditional sense is gone as is the Music Business. The Apple devices changed the dynamics of the music industry by i tunes. These are legitimate sources of revenue. Pirated music and books are available at a click of a Google search.  Internet Piracy websites are being shut and the owners prosecuted but another dozen copycats arise in a week’s time. Legislative mechanisms cannot keep track with the lightening pace of technology.

Good ideas are no one’s monopoly. Even if rampant copying of content takes place apart from an academic setting its fine with me as more the information spreads the better it is. Knowledge is there is enlighten us and individual egos are simply too trivial . Although this is bad news for musicians and authors, we would have to deal with it. New revenue streams have to be figured out. There is a positive that everyone has access to information which was earlier the privy of the intellectual elite.

The magazine or the newspaper which I earlier used to buy of the stands is now available online. Movies can be livestreamed as can TV shows. Businesses in this sector would have to be ‘really’ creative to make money apart from the construct of IP protection to make themselves survive.

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