Exclusive LegalMinds.TV Interview with Marc Jacobson of Greenberg Traurig LLP Discusses Impact of Technology on Music and Film Industries
Marc Jacobson of Greenberg Traurig LLP recently sat for an interview with LegalMindsTV to discuss the significant impact technology has had on the entertainment industry.
According to Jacobson, who concentrates his practice in media and entertainment, the effect of technology is most evident in the music business, where unit sales, revenues and jobs have been reduced by an astonishing 50% since 2001. But Jacobson is also quick to point out that music is consumed — listened to, played, streamed, downloaded and copies made — more than ever before.
In this exclusive video interview, he discusses how changes in technology have led to a profound shift in the entertainment industry and how constantly-evolving business models are struggling to compete in a landscape dominated by Apple (NASDAQ:AAPL) iTunes, which accounts for 69% of all digital music sales and 25% of all music sold, and Amazon (NASDAQ:AMZN), which is a distant second with 8% of the digital market.
Complicating these challenges further are complex licensing issues, bad business models, a less than robust advertising market, and a reduction in available capital.
Jacobson believes that the film industry has fared better because they’ve learned from the mistakes of the music industry. In terms of creating content, film makers also benefit from advantageous financing structures since many cities and states - as well as the federal government - recognize that filmmaking is an “environmentally-friendly jobs creator” and have provided tax benefits for film producers.
Regardless of the challenges, Jacobson feels it’s very important to look at 2010 as a clean slate and that an opportunity exists to create high quality music and film offerings - with and without the internet. “They key is to make sure you have a business plan that makes sense, enough capital to withstand the peaks and valleys, and a long-term vision.” He adds, “it’s no longer like it was in the dot-com boom of ten years ago.”
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About Greenberg Traurig, LLP
Greenberg Traurig, LLP is an international, full-service law firm with approximately 1750 attorneys serving clients from more than 30 offices in the United States, Europe and Asia. In the U.S., the firm has more offices than any other among the Top 20 on The National Law Journal’s 2009 NLJ 250. In the U.K., the firm operates as Greenberg Traurig Maher LLP. Additionally, Greenberg Traurig has strategic alliances with the following independent law firms: Studio Santa Maria in Milan and Rome, TA Lawyers GKJ in Tokyo, and Weber Law Office in Zurich. The firm was Chambers and Partners’ USA Law Firm of the Year in 2007 and among the Top 3 in the International Law Firm of the Year at the 2009 The Lawyer Awards. For additional information, please visit http://www.gtlaw.com.
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