MMW 2024 – The incomparable value of music

Starting November 18th, Milan has been abuzz with Milano Music Week, a celebration of the music industry. On Tuesday, the Sforza Castle hosted a fireside chat with Victoria Oakley, the newly appointed CEO of the International Federation of the Phonographic Industry (IFPI). Moderated by Marta Cagnola of Radio 24, the discussion, titled “The Incomparable Value of Music,” explored the industry’s challenges and its evolving relationship with technology.

Victoria Oakley is a visionary leader and a great example of how unconventional career paths can lead to great achievements. Before joining the music industry, Oakley built an impressive resume as a diplomat and consultant. Her transition into music has been marked by her advocacy for fair artist compensation and innovative strategies to combat copyright infringement. She credits her background in the tech sector for equipping her with the tools to navigate the industry’s evolving challenges, particularly those driven by technological advances.’’Technology now pervades everything in music, and understanding it is essential for staying ahead,” she noted.

She greatly emphasized streaming’s role as both an opportunity and a challenge for the industry. It enables access to music globally but also creates a saturated market making it harder for new artists to break through. This shift has elevated the importance of music catalogs for labels, with older tracks regaining popularity, especially among younger listeners exploring vintage sounds via streaming platforms. A prominent example of that has been Kate Bush’s Running up that Hill, which in 2022 topped the UK Charts 37 years after its original release date.

Oakley also highlighted the evolving role of labels, whose vital resources of PR, and artist development services  can help new talent stand out. “The relationship between artists and labels is more collaborative than ever, with both sides working together to navigate the landscape,” she explained. Especially noting that listeners are much more focused on who they are listening rather than what. As she mentions, younger listeners care deeply about who the artist is beyond their music.

Naturally, the conversation also delved into the implications of generative AI. Oakley emphasized the need for transparency and fair compensation for artists whose work contributes to AI training. She advocated for stronger legislation to protect rights holders while enabling innovation, whilst praising the EU AI Act as a push in the right direction but questioning its real life application.

The key takeaway of the talk seemed to be rather optimistic for the sector. Despite its challenges, Oakley celebrated the resilience of the music industry. From self-publishing opportunities for independent artists to major labels fostering global hits, the ecosystem thrives when all players invest in creativity and innovation.