What Have Music and Money Got to Do with Each Other? Ask VISA
Yes, as in the credit card company. I found this on a site called The Finanser.
What have music and money got to do with each other? Visa knows. Visa just sent me a new white paper on the similarities of the experiences of the music industry over the past decade or so and the lessons that the industry teaches banks.
Here’s the brief overview:
Visa Europe is in the data business. When a Visa payment is made, all that is exchanged is data.
The twenty fifth of February 2013 was a watershed moment for the global music business. It was the day the International Federation of the Phonographic Industry (IFPI) reported that global revenues from recorded music had returned to growth – for the first time in 14 years.
The rise itself was modest (at just 0.3 per cent) and the value of revenues was still 70 per cent below the 1999 peak, but the news was nonetheless significant – indicating that the business may be coming to terms with the shift to digital, and offering a shred of hope to other sectors facing similar disruption.
Of course, payments and music are very different businesses. We are not rock stars. And the services we provide tend not to fire the emotions. Even so, the changes in the music industry do resonate.
