For Media & Entertainment Professionals

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	September 29, 2005 Music Lessons: Is Your Industry At Risk? Why Media Monocultures Are In Big Trouble by Josh Bernoff with Chris Charron, Jennifer Joseph, Tenley McHarg

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Executive Summary

In the past five years, the music industry experienced a historic $2 billion decline, driven mostly by technology-enabled piracy. Like a terminal patient, the industry resisted the inevitable, passing through the classic stages of death and dying as described by Elisabeth Kübler-Ross: denial, anger, bargaining, depression, and, finally, acceptance. What's the lesson for the media business? Monoculture thinking — deriving all revenues from a single source — leads to inflexible behavior and leaves industries vulnerable. Movie studios, which are now used to embracing multiple revenue streams, are well positioned in this new world. Newspapers, facing threats to classifieds revenue as well as their news audience from online competitors, are the most vulnerable.

TABLE OF CONTENTS

• Lessons From The Music Industry
• Media Monocultures Are Vulnerable

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