The Formula for Future Music Business Models

The main point of the 15 minute presentation by Mike Masnick is that there is a simple business model which artists can follow in order to achieve success in the music industry and this doesn't mean that the artist has to become a "cookiecutter popstar" but actually, you can execute this formula in an "infinite variety of creative ways".

Connect with Fans (CwF) + Reason to Buy (RtB) = The Business Model (££££)

NMTs mean that there is a tremendous amount of new ways for artists to connect with their target audience and fans and to offer real reasons to buy, which can only aid their overall success. "Those that complain about what's been lost in the past need to turn around and look at the vast open fields of opportunity in front of them."

Using new technologies seems to be the best way for any artist to apply this business model and we see artists doing this every day.

Twitter is a perfect way for artists to talk to and follow back fans in order to keep interest and make them feel valued as fans and is also a perfect way to advertise tours, singles and albums through both their own tweets and pictures on their profile- as we can see above.
Apps such as Instagram also give the audience the feeling of insight into their chosen artist's life and makes them feel personally connected with the artist; again, helping the business model.

I'll apply this to my artist's business model and create a Twitter and Instagram account in order to connect with fans and promote their work and the messages behind their music, giving fans a real reason to buy.