The Future

Abstract

This chapter offers historical, contemporary, and future insights into the workings of the evolving global music industry. Scott Cohen, a seasoned entrepreneur and major-label strategist, shares firsthand perspectives on the challenges that labels encounter, how technology has consistently reshaped the business, and what may be on the horizon. Drawing on historical parallels, Cohen examines how each decade’s “new” disruptive format—from FM radio to MP3—provoked significant resistance within the industry until widespread consumer adoption necessitated transformation. By analysing current developments in AI, generative music, and large-scale data analytics through this perspective, Cohen emphasises that the music industry’s resilience has often stemmed from a willingness to embrace innovation rather than resist it. He highlights important misconceptions surrounding streaming services and emphasises music’s broader social and economic advantages, referencing research by Shain Shapiro of Sound Diplomacy on how music contributes to urban development, employment, and cultural identity beyond its direct revenue. This relates to non-fungible tokens, blockchain, and emerging DAO (decentralised autonomous organisation) models. According to Cohen, these technologies can significantly enhance how creators license their work, track royalties in real-time, and transition from centralised gatekeepers to more collaborative, transparent relationships. In closing, Cohen reaffirms that significant labels will continue to evolve and maintain strong positions but must adopt a longer-term, adaptive mindset. The music industry, he argues, has shown time and again that while short-term protective strategies are common, lasting success stems from embracing new tools—be they streaming services, generative AI, or DAO-based platforms—and recalibrating them to uphold both cultural and economic value for all stakeholders.