Monday, March 17, 2008

Attention Surplus & The Fastest Monetized Music Site - Ever

If the record business needs a lesson in how to make money, then the former Governer of New York has one for them.

Think about it - within 48 hours of the public discovering that Ashley Dupre, the high priced call girl who took him down, was a budding singer with two moderately good hip hop songs on the 'Net, she sold something like 200,000 downloads.

This is truly a first. Hookers didn't used to sing. And if they did, they almost certainly didn't have a record contract.

Now you don't need a label and a scandal is worth more than a record deal.

The moral of the story is this is: this truly an attention economy and you have to be ready at any given time with monetizable product. We, of course, prefer you stick to more distinguished efforts but the principle is there.

More importantly, it explains why someone like Edgar Bronfman was willing to put up $2 billion for Warner Music. The record business may be dying, he said in a Daily Deal conference, but not the music business. So when an Asian star has a hit, his company has 400 SKU’s from ringtones to keychains, to sell.

The question for everyone out there is:

1. What do you have to sell at your moment of attention?

2. How do you get that moment of attention (without quite that moral turpitude?)

To be discussed at our Wikinomics iBreakfast on Wednesday, and many more to come........

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