How has technology changed the music industry? The world is changing at an enormous speed, and the COVID-19 has only accelerated this pace. We are true believers that businesses should embrace the power of this change if they want to be one step ahead and make a real impact. With our collective intelligence, domain knowledge, expertise, and ten-year-long experience, we are laser-focused on finding innovative solutions to the world’s most complex problems and helping businesses lead the change.
To share the stories of success of how disruptive technology in music industry is, we are launching the series of blogs, The Big Five, where our CMO Niko Slavnic tries to pick the brains of some of the most influential representatives of the leading players in the world across industries and discuss these 5 key topics:
- Black Swan — Global Trends (How to fast-forward globally) — This topic is based on Nassim Taleb’s Black Swan theory, which focuses on unexpected events of large magnitude and consequence and their dominant role in history.
- Blue Ocean — Global Market (How to fast-forward market) — This topic is based on Blue Ocean strategy, a best-selling book written by Professors W. Chan Kim and Renée Mauborgne. It offers examples of how successful businesses captured uncontested market space and thereby made competition irrelevant. This was formerly described as “Value Innovation”. Blue oceans” are untapped and uncontested markets, which provide little or no competition for anyone who would dive in since the markets are not crowded.
- Unicorn Speed of Growth — Global Unicorns (How to grow your company but still be a great place to work) — this topic focuses on the enormous speed of change and how it helped the most disruptive companies in the world thrive.
- Purple Cow — Product Differentiation (How to differentiate your product on the ever-increasing market) — this topic is based on Seth Godin’s Purple Cow, which argues that the only way to cut the hyper-clutter of products and advertising today is to innovate something new, unique and remarkable – like a purple cow.
- Butterfly Effect — Leaders in the time of change (How leaders can create butterfly effect, how they overcome challenges and what’s their superpower) — this topic is based on butterfly effect, sensitive dependence on initial conditions in which a small change in one state of a deterministic nonlinear system can result in large differences in a later state. The term is closely associated with the work of mathematician and meteorologist Edward Lorenz.
The first in the series of articles is the story about Jammcard, a music professionals network, an efficient platform for creating and sharing creative portfolios, which highlight users’ skills, experience, and media related to the industry. This innovative music industry application resulted from a collaboration between the well-known LA musician Elmo Lovano and HTEC team. It was created to facilitate bookings, communication, and networking between users. Niko Slavnic talked with Elmo about how technology has changed music and on these five key topics. We are bringing you the highlights.
Black Swan: How Covid Influenced Music Industry
With Covid-19 making tectonic shifts across industries, it has also had a tremendous impact on the professional life of musicians and artists globally. Elmo explains that many of these musicians who earned their living from live performances and entertainment lost all of their work since the last year or so have been crazy.
It also caused musicians to perform locally and avoid performing globally. But he also emphasized that he feels that things are now moving in the right direction, to a more digital collaboration era, and that we are laser-focused on getting closer and closer to that being seamless. He believes that this streamlined collaboration powered by tech will open new doors to companies like Jammcard, allowing them to support a global database of musicians, let them be heard, and cut through the white noise.
Blue Ocean: Opportunities in Music Industry during Difficult Times
New opportunities start to emerge on a global music scene. As businesses struggle to make sense of the post-COVID-19 business environment, many opportunities are arising on the market, and there will be a massive shift in prioritization in years to come. Lovano explains that this specifically reflected on communication and collaboration between fellow musicians, empowering a more digital collaboration era and opening many new doors in terms of building a global database of musicians. He firmly believes that we were moving to a more digital collaboration era and that Covid-19 only speeded things up. He explained that collaboration would be almost entirely digital and open up many doors to musicians worldwide, where Jammcard will be able to provide support in terms of connecting a global database of musicians.
Unicorn Speed of Growth: How to Accelerate in Music Industry
Jammcard is an invite-only app, a network of vetted music professionals, currently only in the US, but are quickly expanding internationally. It has been hailed by Forbes magazine, calling it a Musician’s LinkedIn. They are music-focused and dedicated to creating tools for modernizing the music industry and providing musicians all over the globe the opportunity to connect, collaborate, exchange experiences through interaction via the platform. Their first app was an invite-only social network for vetted pros, allowing various musicians, ranging from professional studio engineers to world-renowned performers, to build their profiles and connect with others to find new opportunities to work and collaborate.
During COVID-19, they tested the booking allowing people to sell or make offers on each other. And they are currently expanding upon that and making it more of an open marketplace, which will be fun as it will allow people to sell their services within that. Elmo explains that their approach has always been — slow and steady wins the race, pointing out that they have spent years building the strong foundation and a robust and engaged community they can then grow from and not lose the game.
Jammcard’s goal is to become global and to have one of the largest verbal, searchable, bookable databases of all the best professional musicians and music.
Purple Cow: Innovation in Music Industry
In the ocean of rising competitors, finding the way to differentiate yourself and produce something never seen before that would offer value and lower cost can be a long and winding road. Elmo believes that NFTs are the next big thing in the music industry. He also states that there is a lot of innovation happening in this area, but this innovation is still mostly art-focused rather than music-focused. He also believes that more and more music-focused platforms will be coming out with a smart contract system and blockchain gaining more popularity than ever in music.
Butterfly Effect: Leading with Change
Over the course of the pandemic, leaders have adapted to new ways of working. They embraced digital transformation and the fact that they have to do more than fine-tune their daily tasks. They need to find a way to be one step ahead. Otherwise, they will have to face doom or be yet another player on the market. They need a superpower that keeps them going even during the most challenging days. In Elmo’s case, it is an inexplainable force that keeps him relentlessly going after his goal for no good reason.
He pointed out that this force keeps him moving forward without having second thoughts about whether he is doing the right thing or not. For him, if you need to ask yourself, “How to stay motivated?” you are probably not on the right track to success. Musicians need to have the urge to find new ways to fight against even the most difficult crises. They need to create a list of priorities that will be their North Star while navigating the trends that are moulding the future, especially now, when, due to the covid-related circumstance, many musicians have been severely affected by the crisis; many of them even lost their jobs or stopped playing.
Get ahead of the Curve
The pace of change is speeding up. Covid-19 has revealed a number of trends that will play a critical role in reshaping our future. And once again, it is the human element that will make a difference. Businesses that jump on this digital transformation wagon will reap the benefits; those that don’t will be left behind.
Ready to jump on the wagon? Talk to us. We are on the mission to help you digitally transform your business and stand out.