A Field Guide to Music's Potential Crypto Boom: Becoming a Senior Product Manager

A Field Guide to Music's Potential Crypto Boom: Becoming a Senior Product Manager

In recent years, cryptocurrency has gained significant attention and popularity. Enthusiasts envision a future where artists are paid fairly, the secondary ticketing market is no longer ravaged by scalpers, and the value of digital memorabilia soars. The possibilities seem endless. But what does this mean for the music industry? How can cryptocurrency revolutionize the way artists are compensated and empower them in the process? Let's explore the potential crypto boom in the music industry and its implications for artists.

Cryptocurrency, with its decentralized and peer-to-peer nature, offers a new financial system for music that can support real-time revenue streams and ultimately hand much more power to the individual artist. Currently, paying royalties out from labels to artists is a laborious process involving various bill-pay systems, vendors, and software platforms. But with cryptocurrency, artists can receive their royalties in seconds, eliminating the need for intermediaries and streamlining the payment process. This opens up a world of possibilities for artists to receive fair compensation for their work.

One intriguing idea is the concept of a "merch royalty." Imagine if every time a branded hoodie or piece of art is resold, the artist receives a cut. This would ensure that artists continue to benefit from the resale of their merchandise, even after the initial sale. Additionally, blockchain technology could be used to ensure accurate paychecks for musicians, eliminating the need for complex accounting systems and reducing the risk of errors or disputes.

Transparency has become a hot-button word in the music industry, as more and more artists opt for going independent out of distrust for major music companies. Blockchain technology could help artists finally understand where and how their money comes in. Imagine a neatly organized portal that automatically updates all of an artist's revenue streams - merch, touring, licensing, streaming royalties, performance royalties. Currently, such a portal does not exist due to the complications within the multi-ownership of music works. However, with blockchain adoption, this could become a reality within the next five years or even sooner.

But implementing cryptocurrency in the music industry comes with its challenges. There are possible pitfalls, such as lost passwords resulting in lost millions. Education and time are necessary to get everyone on board with this new technology. However, the potential upsides outweigh the downsides. The timing of these technologies and the progression of interledgers that all the big blockchains are working to create within the next few years present a promising future for the music industry.

Now, let's shift gears and explore the world of product management. Becoming a senior product manager requires a strategic mindset and the ability to see the bigger picture. Senior PMs are responsible for developing and evangelizing a strategy that leads to meaningful customer and business success. They paint a picture of an inspiring future and figure out the best path to get there. By prioritizing work based on how much it moves the product towards the long-term vision, senior PMs are able to reliably deliver great products that make a big impact.

Creating a strategy starts with a vision. Block off time to think about the future and envision the desired outcome. A senior PM understands that their strategy doesn't have to be perfect and that it will change as they learn new information. However, starting with a strategy helps make better moves now. The strategy consists of three parts: vision, strategic framework, and roadmap. The vision paints a picture of the future, the strategic framework identifies the target market and pain points, and the roadmap outlines the plan for the next few years.

To become a senior PM, it's crucial to earn autonomy and trust. Autonomy allows you to work independently and make decisions that drive tangible impact. Proactive communication and sharing your work with your manager are essential to build trust. Proactively ask for feedback and show off the challenges you faced and how you handled them. This demonstrates your ability to ask for input when needed and make sound decisions.

Senior PMs also excel at reasoning through complex tradeoffs and ambiguous situations. They understand the goals and constraints of departments across the company and can engage in constructive discussions with leaders. By considering different perspectives and understanding the broader implications of decisions, senior PMs can make informed choices that benefit the product and the company as a whole.

In conclusion, the potential crypto boom in the music industry and the journey to becoming a senior product manager both require a strategic mindset and the ability to see the bigger picture. By leveraging cryptocurrency, the music industry can revolutionize the way artists are compensated and empower them with real-time revenue streams. Meanwhile, senior product managers drive meaningful customer and business success by developing and evangelizing a strategy that leads to impactful products. To thrive in these realms, prioritize strategy, earn autonomy and trust, and reason through complex tradeoffs. Embrace the possibilities and take action to make a lasting impact.

Actionable advice:

1. Block off time on your calendar to focus on strategy. Dedicate specific moments solely to think about the future and envision the desired outcome. Starting with a strategy helps make better moves now and paves the way for future success.

2. Use the autonomy template in your next meeting with your manager. Proactively share your work, challenges, and proposed solutions. Make an opening for feedback and demonstrate that you can be trusted to ask for input when needed.

3. Look for the "it depends" answer to practice reasoning through complex tradeoffs. When faced with decisions where the right answer is not clear-cut, consider different perspectives, understand the broader implications, and make a sound choice based on the available information.

By following these actionable advice, you can enhance your strategic thinking skills and make a meaningful impact in the crypto boom of the music industry or as a senior product manager. Embrace the possibilities, take action, and pave the way for a brighter future.