Tuesday, December 11, 2007

50 Cent is OK With You Stealing His Music

The music industry is the perfect example of a marketing shift. A typically non-technological industry of record sales, radio play and concerts has shifted into one of the most technologically advanced business platforms in any industry. Traditionally, artists would put out a record, people would buy it, everyone would get theirs and everyone was happy. Technology has changed all that and with file sharing and music downloading and its time for the industry to adapt to the new age. As most people do, the record companies fear change and are fighting it as much as possible in the form of the RIAA but the growing number of artists that are in support of file sharing is escalating. In a recent interview, millionaire business man and rapper Curtis Jackson, better known as 50 Cent, is once again ahead of the trends.

His first business success outside of music was making the choice to take stock in Glaceau, the company that makes Vitamin Water, rather than taking cash payment for his endorsing of the product which turned into a $400 million payday when Glaceau was purchase. Now 50 Cent is turning his eyes towards the music industry. The rapper recognizes that artists need to embrace the file sharing and they will still get paid.

“What is important for the music industry to understand is that this really doesn’t hurt the artists,” he said. “A young fan may be just as devout and dedicated no matter if he bought it or stole it.”

He goes on to say

The concerts are crowded and the industry must understand that they have to manage all the 360 degrees around an artist. They, (the industry), have to maximize their income from concerts and merchandise. It is the only way they can get their marketing money back.”

Record companies need to change their business model to embrace the shift in marketing to a more technologically inclined audience and as 50 says:

“The main problem is that the artists are not getting as much help developing as before file-sharing. They are now learning to peddle ringtones, not records”

By Matt O'Hern at 08:40 AM | Comments (1)

(1) Thoughts on 50 Cent is OK With You Stealing His Music

50 is right. I like the guy and really support the whole stuff, that being mean with music is not the thing. We get them, we like them and look forward for more. The only thing is they risk getting less for it, but let them think hard. 50 is!!

Comments by Misah : Tuesday, December 11, 2007 at 04:09 PM

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