What the music industry needs is something completely new — which I read about on Shelly Palmer’s blog last night (see “Did We Miss the Memo?”.) The industry needs to recognize how people are using music right now, and find a way to capitalize on it.

What are people doing right now? Using songs to make user-generated videos, and creating mashups. The music industry doesn’t make any money from any of this. They need to find a way to — a new system of easy licenses, something iTunes-like for music licensing.

It’s a whole new, untapped revenue stream.

Kimberly