Name: Danny Stein
Title: Dimensional Associates CEO and chairman/CEO of eMusic
Panel: Purse Stringers: Inside the Minds of the Money Mavens (Thurs. March 4, 4:25 p.m. - 5:10 p.m.). More info at Billboardevents.com.
At this moment in time, what most worries you about the music
I'm worried that the rights holders will not be willing to aggressively experiment with new business models. In the absence of such experimentation, iTunes will extend its monopoly, new services will be unable to grow and piracy will continue to be the dominant method of music consumption.
What most encourages you?
I am encouraged by the broad consumer adoption of digital media. The market forces will ultimately shape the music services.
What's the last album you bought?
The Avett Brothers, "I and Love and You"
What's the most important lesson you've learned while navigating your way through the recession?
Take costs out of your business as quickly as possible. It's always better to go deeper, sooner.
What types of digital music start-ups are attracting the most investor interest?
There are not too many music start-ups currently attracting investor attention. Those few that have attracted capital have been primarily cloud-based services that are sorting through licensing issues to build a quality user experience while satisfying the label licensors.
What's the most innovative, disruptive technology on the horizon that relates to digital music?
The celestial jukebox has been a promise bandied about since the late '90s. It's not so much a technology issue so much as a rights issue.
What's the worst digital-media business model that someone has
pitched you in the past year?
The notion that a brand will pay for your music if you watch an advertisement, but the brand decides which music you are entitled to receive. The notion that music is interchangeable based on genre or time period is absurd.
For more info on this year's Music & Money Symposium, presented in association with Loeb & Loeb, visit Billboardevents.com. #MMBiz2010. For more Better Know A Panelist Q&As click here.
Name: Danny Stein