MIDEM attendance fell last year to just shy of 7,000. That’s down 30% from 2001, when attendance was more than 10,000-one report even suggests it was closer to 12,000, which would be a 42% tumble in 12 years. Either way, MIDEM doesn’t draw the way it used to, which begs the question: Is it worth your time?
For many industry players it can be a costly pain to go to Cannes when the weather isn’t so great and there are beautiful beaches reminding you that you need to come back during the summer when you’re not as busy. And, since the majors are self-contained entities, their attendees seem limited to the publishing, licensing and top digital executives nowadays. But for thousands of independent music companies, MIDEM represents an essential hub to do business with buyers and sellers in all the industry’s disciplines from around the world. If you’re smart and really know how to work the conference, the meetings that you have there can set your agenda for the year.
MIDEM remains a super-efficient way to do business, both with people from your own country and the increasingly important global market. How often do U.S. distributors get to visit all their labels that are scattered across the nation?
It’s not just about subpublishing deals or distribution deals, or labels looking for partners to license their music and put it out in international markets. It’s also about getting together with partners you already have and conducting business face-to-face. And with business partners spread around the world, the chance to keep everyone honest by looking each other in the eye and breaking bread can be just as valuable as an audit-and cheaper and friendlier too.
The convention also provides a forum for sitting down with the mobile and technology companies from global markets, or learning about the social-media platforms in different countries or which media and marketing tools work in which countries.
If you’re a publisher, you may hear about subpublishing options or catalogs coming up for sale, or you might be able to establish a steady product pipeline from deals made or begun at MIDEM.
The bottom line: MIDEM is a way to set up dozens of meetings that will help you and your business. But here’s a tip: Leave 35% of your schedule open during your stay for impromptu get-togethers with new people you meet, because you never know where your next opportunity will come from.
MIDEM is always a learning experience. You can hear about new business trends, players and musical innovations, how fast the digital business is evolving and what is happening with vinyl and CDs in different markets. You can learn what the British music industry’s legal community thinks of the master rights termination issues that are now front and center in the United States.
MIDEM is occasionally about hearing new music. It’s certainly about eating great meals and drinking fine wine. It’s also about creating new friendships with people from around the world and reaffirming old friendships from throughout the years. It’s the kind of convention where you can be lauded for drunken tomfoolery at 3 a.m. and respected for your insight on industry issues at 10 a.m.
Finally, MIDEM is not to be underestimated as a forum for exchanging ideas and experiences in how to deal with industry issues. After all, if I have a penny and you have a penny and we exchange them, we each still have a penny. But if we exchange ideas, now we each have two ideas-as long as we don’t drink too much after we trade them.
TAKEAWAY: MIDEM may not be what it used to be, but what it is, is still pretty worthwhile.