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'Sans baggage, Indian businesses uniquely positioned to leverage new digital media'
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Vishnu Makhijani | 20 Apr, 2021
Without legacy systems of the past, Indian businesses are uniquely
positioned to leverage the new digital media, says Will Page, former
Chief Economist of music streaming app Spotify, in his new book "Tarzan
Economics" (Simon & Schuster), extrapolating the global music
industry's journey in coping with the threat of online piracy to present
eight principles for pivoting through today's ubiquitous disruption in
almost all industries -- much in the manner in which the 'ape man'
swings from vine to vine to attain his goals.
"Two words: 'leap
frogging'. India is in a fascinating position to put this book to work.
As it moves head first into new digital media, it doesn't have the
legacy systems of the past. Look at how fast Indians adopted YouTube as
data costs on telecom networks fell -- they hit 240m users within a year
of it becoming affordable, that was more than the global tally of music
subscribers at the time -- and we're talking about one country and one
video service.
"India is a country where a quarter of a billion
people are one thumb press on a piece of glass away from engaging in
the next new thing ... tomorrow," Page told IANS in interview, hoping to
visit the country some day "to pass on as much as I can to the
executives of tomorrow".
"May I also add, I really admire the
way that education is so valued in India. It's prized across society and
will prove the secret sauce to the next ten years of economic progress.
I was once told India has between 100m and 200m students �- think
about that for a second. Getting Indian millennials to pay for media
content is hard, getting them to pay for education is easy �- one
solution might be to bundle the cost of media into education. Make that
work and we're off to the races," he explained.
Page has had a
front-row seat as for years, the music industry fought against the tide
of piracy but when the business finally embraced digital streaming, it
opened up new avenues for growth and recovery. These hard-earned
experiences have never been more relevant for us all as we come to terms
with the massive disruption of recent events, and Page brilliantly
reveals how we can apply the lessons to our own lives and careers.
Examining
how companies like Tupperware, Starbucks and Tower Records are coping
with a "jungle of challenges". Page assesses the new dynamics of the
"long tail' (a period in time when sales for less common products can
return a profit due to reduced marketing and distribution costs),
highlights the fundamental flaws in our focus on GDP, and provides a
practical tool for discovering the right role for each of us to succeed
in the modern world.
What then, are his eight principles?
* Tarzan Economics: Let go of what you know is dying and reach out to an unknown that is thriving
*
Pay Attention: Help consumers make more effective use of their scare
attention. Identify whether activities complement or substitute your
product
* Draw A Crowd: The gatekeepers are gone. The consumer is the new broadcaster and their reach holds no boundaries
* Make Or Buy: Sometimes it pays to ditch the intermediaries. Don't cede control to others. Go it alone
*
Self Interest Versus The Common Good: Sometimes it pays to throw your
hat in the collective ring to pivot through disruption together
* Pivotal Thinking: Some "loony" logic can go a long way -- when the opposite of a good idea can also be a good idea
*
Judge The State We're In: Challenge date that's measured by outdated
tools and methods -- lessons for governments worldwide, as what matters
most is often what's measured least
* Big Data, Big Mistakes: Beware of the dangers of quantification bias, which favours the measurable over the immeasurable
Page admits that writing the book wasn't easy but was a deeply satisfying experience.
"This
is my first book and I have to admit that I was completely out of my
depth. I was playing 'tennis with myself' during much of the writing
process. Playing tennis with yourself captures the loneliness of the
book writing process - you can sit... mulling over an idea or concept
for hours, days, weeks ...but you have no one to 'return your serve'.
That was a big lesson for me in writing a book -- just how lonely you
are during the early stages of the process. But that loneliness can
really inspire ideas that wouldn't have happened otherwise.
"The
old adage of "if it ain't hurting, it ain't working" applies here --
you need to stare into the darkness to see the light at the end of the
tunnel, and I'm pleased that I got out of that tunnel," Page elaborated.
One glaring fallout of the disruption caused by the pandemic is
that on the one hand, businesses and economies have collapsed and tens
of thousands of people have lost their jobs or have had to contend with
drastically slashed wages, but on the other, there has been a sudden
rise in wealth of some of the world's richest individuals, including
those in India. How can this be explained?
"I can't comment on
individual wealth, but tech stocks have rallied beyond anyone's
expectations since the pandemic and I put this down to 'TINA' which
stands for There Is No Alternative -� investors have decided to gun it
for equities (and nothing else) and a herd like mentality has kicked
in. We're in bubble trouble territory but the problem with TINA is where
else do investors go? This rally could run for another year yet," Page
maintained.
What next? What's his next project?
"The
book has a staggered launch; in April in the UK then from 17 May in the
US so I'll be busy throughout the second quarter. I also want to do more
teaching and I'm thrilled to be made a fellow of London School of
Economics for 2021. Outside of the book duties I want to work on live
streaming services like Twitch as I'm convinced that the advancements in
live streaming won't go away when live music returns �- so the
'Tarzan Economics' question to ask is how will these two forms of media
co-exist?
"Then there's India �- I need to visit the country
as soon as it's safe to do so. Not just to promote the book but to do
some lectures as schools and universities in the country �- to pass on
as much as I can to the executives of tomorrow," Page concluded.
It certainly is a visit that will be eagerly anticipated.
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