In the second part of this interview with MV Concept’s Norman Hall, he continues to discuss the second annual Summer Madness Music Festival and Conference taking place in Martha’s Vineyard and the ultimate goal in producing this event.
Black Enterprise: Can you tell us what to anticipate if we we’re to go to Martha’s Vineyard to attend the Summer Madness Music Festival and Conference?
Norman Hall: A participant attending the MVSM Music Festival & Conference can expect to have a memorable experience enjoying top-notch musical talent representing different genres, to learn about up-and-coming trends in the music industry, and issues affecting woman especially, while being in the company of a cast of interesting and accomplished tastemakers. All of this will be happening in an environment which will relax the mind, body and soul as you let go and allow the energy and spirit of the moment take you where you need to be.
As far as business, what gets you up in the morning to work on a daily basis? What drives you?
What motivates me is being on the bleeding edge of opportunities that are nascent.
The concept we’re developing combines the old with the new. Many of us can remember the deals and transactions that were consummated at music conferences like “Jack the Rapper,” where social interaction through music industry professionals coming together and forming relationships drove deal flow and transactions.
What we are creating and building is proprietary social commerce services that are being spawned from the Martha’s Vineyard Summer Madness Music Festival and Conference.
A group I represent has developed astounding new capabilities to secure, track, exchange, and monitor IP (Intellectual Property), which results in a new model that actually gives fans an incentive to buy music again, and labels the ability to continuously, automatically, and independently ensure compliance with their licenses.
How is participating in this event similar to your work in investment banking, if there is a comparison?
As far as the music industry goes, we intend to translate “social currency” into real currency by enabling participants to become personal data content owners and active personal content providers in market-making collaboration with creative artists and Brand sponsors. This will result in a measurably enhanced consumer experience worldwide through creating a music service to enable social sharing and commerce. In investment banking terms, this is a new “asset class” with applications driven by software agents (we call advocates) that allow buyers and sellers to discover, and engage in commerce by qualifying one another through our automated digital process. The launch of this technology platform will dramatically increase revenue received by artist’s and provide substantial cash-back and other incentives to consumers. That is a market making opportunity.
The securitization of a selected library of royalty bearing popular music is also at play. Labels own the rights to artist IP, and we will tranche an aggregated collection of these assets and monetize them over a specific period of time. Labels and artist will get paid from their equity positions in their IP which currently is dormant for the most part, and not being monetized.
If there is an ultimate goal in doing this event, what is it and how long do you anticipate taking to make it happen?
The intent behind this annual event is to combine compelling venues, acts, and audiences for entertainment industry professionals, artists, A-List celebrities, V.I.P. influencers, high profile media, and guests during the summer season in beautiful Martha’s Vineyard while incorporating the business and pleasure of art, music, and entertainment.
Streaming services including Spotify, Pandora, Apple, Google Play, Amazon, YouTube, and other forms of legal and illegal piracy, have gutted a once highly profitable music industry and fragmented distribution channels. The result: consumers have little to no incentive to buy music anymore. MV Soul Concepts is desirous of creating a model that brings a new level of trust, ownership, and discovery to a new Internet, allowing human creativity and enterprise to flourish and profit in innovative new ways.
Artists and the industry are paid for only 5% of all music streams and downloads distributed today. That means only $4.8 billion of a potential $100.32 billion in annual digital music revenue is being realized. We intend to launch social commerce services that will dramatically increase revenue received by artists and provide substantial cash back and other incentives to consumers, while creating a massive new continuous and real time one-on-one market-making opportunity for local, national, regional, and international brand marketers.
Our model will reward users who purchase artists’ music on our platform by sharing directly with those purchasers a substantial percentage of fees paid by national, regional and local marketers for the opportunity to engage with willing users in a trusted commercial relationships.
Our value proposition celebrates its responsibility as a trusted social service by sharing a substantial percentage of brand marketer fees with trusted non-profit organizations dedicated to improving the lives and futures of people around the world.
We’ve created a model that turns “social currency” into real currency by enabling listeners to become personal data content owners, and active personal content providers in market-making collaboration with creative artists and brand sponsors. The result is a measurably improved mobile consumer experience worldwide.