The holy grail of a digital music marketplace in South America has been a top priority for Latin labels for at least three years.

But the recent Resonancia Colombia: Music and Management in the Digital Realm conference in Bogotá highlighted the need for a new digital business model that reflects Latin America's cultural and economic realities

If any nation deserved to have a vital music industry, it would be Colombia, where music seems to literally burst from every street corner. The country seems to have an endless supply of talented artists and discerning executives.

Resonancia—an event organized by Colombia's Ministry of Culture together with the British Council and the British digital music information company Music Ally—attracted the artists, entrepreneurs, innovators and aggregators who are using online and mobile technology to discover, promote and market music. So far, though, the online music market barely exists.

This is an industry on the verge, held back by...

Click here for the full opinion piece which includes the important factors helping to develop a legitimate digital marketplace, how the government should help, and more.