Video: Union Square Ventures' Fred Wilson's Full Keynote Q&A at Billboard's FutureSound Conference
Video: Union Square Ventures' Fred Wilson's Full Keynote Q&A at Billboard's FutureSound Conference

Investor Fred Wilson ( @fredwilson) loves music but he's still "relatively cautious" about investing in it, he said during his keynote Q&A at Billboard's FutureSound Conference with Billboard Editorial director Bill Werde ( @bwerde). Wilson noted the upfront costs for a start-up in the music business are "extremely high relative to almost any other sector I can think of. It takes $5 million to $10 million before you know what you've got."

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In the full video of his Q&A (below), Wilson, who is a managing partner at Union Square Ventures and founder of Flatiron Partners (and blogger at AVC.com) also discussed the changing dynamic between artists and labels, the three buckets online music services fall under, what it would be like if he ran Universal Music Group and much more.

WATCH THE FULL VIDEO -- BROKEN UP INTO TWO PARTS -- BELOW: