The debate over music streaming is important for the future of the industry but Russell Simmons says the key to financial gain exists outside royalties.
"Artists are finding all kind of ways to use their brand to earn money," he told Grammy U (via HHDX). "Being a music star is a lot more than selling records, if not at all. If selling records was what the music business is about they would all move onto something else. They're not counting their royalties as their income, they're counting all of the things that they influence, all the multibillion dollar business that their branding and building and affecting.
"Music is still consumed today more than yesterday, still growing in terms of the way people consume it. More music all the time, it just keeps growing in terms of its influence in society and also its influence in various different businesses. So now that we can't make royalties off of records we gotta go make them pay, that's what the music business has to learn to do."
All Def Digital is Simmons' new project with Steve Rifkind, and it focuses on curating matches between users to artists.
"The game hasn't changed from a content standpoint," he said. "We keep creating content. Our ability to create more content at a cheaper price is obviously a very great advantage for us. People have ADD, I mean literally they have ADD, I'm wearing the hat. All Def Digital, to me, is the place that promotes freedom for artists. New directors, new writers, new artists, music artists, poets. It's a place where people can express themselves in ways that the gatekeepers wouldn't allow in the past. We curate it so that we give the best of what's out there 'cause it's the Wild West, there's just so much on the Internet. Someone has to curate. Someone has to produce. Someone has to mix the creative genius that's on the Internet with more traditional resources and other talent."
Russell being Russell, he also dipped into the vague idea of "success," and what it means today.
"Success, how's it measured?" he asked. "That's a silly question. You guys are business people. Success to me is happiness. Having a still seat. Being comfortable in your seat is success. The more you can do that the more successful you are. Happiness. You're only here for a short time, so I measure success by the level of happiness one has. Money can't make you happy. But happy can make you money."
Check out the full interview below:
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