Great Minds Think Alike

I recently started reading Mark Cuban's blog at http://www.blogmaverick.com and it inspired me to start one of my own. For those of you who don't know, and shame on all of you, Mark Cuban is the owner of the Dallas Mavericks who made his billions creating broadcast.com which he later sold to yahoo. He is one of the most innovative and hard working business men around and he has a great sense of humor and keeps things fun. What makes him so cool is that he is not cool at all. He is a 12 year old kid who is a huge basketball fan. He is living a fans dream acting as owner of the Dallas Mavericks passing up the box suite for a Nowitski jersey and some seats behind the basket.

The first blog of his that caught my eye was titled The Sport of Business which, if you have aspirations to be successful in business, is Lombardi-esque. The next couple of blogs that I found interesting have ties to one of my previous rants concerning the music industry and the lack of innovation and hustle on the part of the RIAA and record labels.

His first assertion is that the music industry has missed the buck on the Internet explosion and digital file sharing. He brings to the forefront that in recent times DVDs, digital photography, video games, software, and ring tones, all 5 digital based products, have experienced huge increases in sales while the music industry has sat around with their thumbs up their asses busy filing a bunch of lawsuits. Sales have dropped nearly 15% from 1999 to 2004.

His second assertion is about the rapidly approaching extinction of CDs. In my opinion the industry's stubborn commitment to selling a single product that composes an album of music, whether that be a record, tape, or CD, is where they missed the point. Just now are internet music sales via iTunes and Connect Music Store moving into the main stream. When you walk across campus or go to the gym how often do you see people carrying around portable cd players? How long could you go doing these same things WITHOUT seeing someone with an iPod or some other mp3 player? Then why do music companies insist on selling CDs? In the very near future most music listening will be done on a computer, mp3 player, phone, PSP, PDA, whatever. Digital music players are rapidly making their way into our home and car stereos.

Cuban tells a story about being on a Mavs roadtrip and walking through a mall with his iPod and craving a song from the KillBill soundtrack and having absolutely no means of buying that song. He claims, and I very much agree, that the first label to come to grips with reality will see sales and profits go through the roof. The first to setup kiasks and digital music stores where people can come plug in their mp3 players and flash drives and instantly buy songs from a hard drive with a few terabytes of space containing every song ever created. Setting up laptops at concerts where people can plug in and buy an entire CD for $5.

"It's money in the bank"

hj

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3 Responses to “Great Minds Think Alike”

  1. Hujo Blogger » Blog Archive » Bloggerific Irony Says:

    […] Last April, I blogged Great Minds Think Alike focusing on the irony that we both blogged nearly the exact same argument. Then last summer (July 31st 2005) during the height of the Grokster court case Cuban came out again with The definition of insanity: The Music Industry. […]

  2. bob p Says:

    really interesting post thanks.

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