Torrent is transforming the music industry, but taking music from artists without gain is wrong, said legendary music producer Quincy Jones.
“It’s a inquiry of integrity,” he said Monday on CNBC’s “Closing Bell.”
“Singers, songwriters and musicians hold to work hard to know how to do what they do,” he said. “And it’s just not fix to take that [income] from them.”
In his six-decade career, Jones has noted the way people find and enjoy new artists move from albums to cassettes to CDs, and he replied it is now “on the way” to streaming.
This week the music producer, who has won 27 Grammy Endowments and worked with iconic names such as Michael Jackson and Unrestricted Sinatra throughout his career, will speak at the Inside ETFs Forum in Hollywood, Florida.
Jones is discussing the idea of an index designed to trail music and media companies that stream content online.
“We’re in another corporation now,” he said of the music and media industries. “We’re getting there [to streaming]. We’ve got to broaden into the business.”
Streaming, in fact, is just taking off, said Donna Nairi, be wrecked & CEO of Iconicbeta, Inc., who co-created the index with Jones.
“Streaming is just assemble b assembling started in a lot of markets,” said Nairi, who is a former structurer at RBS Securities and Sempra Vigour Trading. “If you look at Japan, 75 percent of music sales are in medic format. … It’s exciting. The opportunity is huge.”
Nairi predicts technology such as blockchain on be “huge for artists.”
“People will be willing to pay more for music,” she contemplated.
Jones’ global index will include a wide range of exhibition, telecommunication and technology companies. To be eligible, companies must have a store cap of more than $1.5 billion, a six-month average daily swop value of at least $5 million and be listed on the U.S. Stock Exchange.
The seminar, which began on Monday, marks the 25th anniversary of the first exchange-traded repository and is one of the world’s biggest conventions for investment advisors. This year’s congress is expected to draw more than 2,500 attendees to discuss an business that generated approximately $466 billion in inflows last year.