News: Edgar Bronfman, Chairman and CEO of Warner Music, made this incredible admission today (according to Tech Crunch):
“We used to fool ourselves…We used to think our content was perfect just exactly as it was. We expected our business would remain blissfully unaffected even as the world of interactivity, constant connection and file sharing was exploding. And of course we were wrong. How were we wrong? By standing still or moving at a glacial pace, we inadvertently went to war with consumers by denying them what they wanted and could otherwise find and as a result of course, consumers won.”
Analysis: Better late than never. I’m not sure if the music industry has learned enough, though. The industry has not yet given consumers what they want in the video space — the option to use music they buy on iTunes or elsewhere in YouTube videos, authorize by cheap synch licenses.
