Every industry faces changes over time, as customer tastes change or new technology emerges. If that wasn't the case I'd be a fur trading baron texting on my itypewriter.
When these changes do happen though, some businesess adapt, some complain and some sue.
My personal favourite examples come from the music industry. Metallica for example is well known for suing Napster in 2000 to try and recoup money lost from album sales. A move that I'm sure got there zero more fans. Large record companies have successfully lobbied in the UK to prosecute people illegally downloading music as well yet it is still popular and I'm sure the move has also done nothing to stop falling revenues or gain them customers. So, what is a band to do if traditional music sales have tanked due to technology.
When these changes do happen though, some businesess adapt, some complain and some sue.
My personal favourite examples come from the music industry. Metallica for example is well known for suing Napster in 2000 to try and recoup money lost from album sales. A move that I'm sure got there zero more fans. Large record companies have successfully lobbied in the UK to prosecute people illegally downloading music as well yet it is still popular and I'm sure the move has also done nothing to stop falling revenues or gain them customers. So, what is a band to do if traditional music sales have tanked due to technology.
Enter the adapters. Some bands, especially some of my favorite bands have decided not to invest their time in fighting to save a drying up revenue stream but instead have seen new ways to connect with their customers. Take Memphis, TN based Lucero as a first example, they just went ahead and posted all of their music to their own youtube channel literally everything, but now they have an audience to interact with. Second, Bloomington Indiana's murder by death went ahead and used kickstarter to fund their next album. They offered a number of creative interactions with the band at different contributions; my personal favourite being their willingness to record a cover song at your request and send you the .mp3. It worked out so well for them that they almost doubled the amount of money they were seeking.
There is also change coming to the world of book keeping and accounting. New technologies allow for online service and easy tracking. i doubt there will be lawsuits but I'm sure that there will be well established CPAs, CAs and book keepers who will choose to complain but then there will be those like Jody Padar and Jason Blumer who lovingly adapted to the change early on.
What about your business, is your strategy to adapt happily, complain and ignore or lobby and sue?
There is also change coming to the world of book keeping and accounting. New technologies allow for online service and easy tracking. i doubt there will be lawsuits but I'm sure that there will be well established CPAs, CAs and book keepers who will choose to complain but then there will be those like Jody Padar and Jason Blumer who lovingly adapted to the change early on.
What about your business, is your strategy to adapt happily, complain and ignore or lobby and sue?
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