Will COVID-19 Kill the Music Industry? | Ask Mr. Wonderful #25 Kevin O'Leary ft CEO of Rolling Stone

TL;DR

Gus Winner, CEO of Rolling Stone, discusses the current state of the music industry, the importance of the Rolling Stone brand, and his plans for expanding the business in the digital age.

Transcript

hello everybody and welcome to another episode of ask mr. wonderful who's my guest this is fantastic it's Gus winner son of young winner founder of Rolling Stone magazine cultural icon rock and roll music fashion politics you name it so much to talk about with Gus fantastic but I thought because it's our rock and roll kind of vibe and you know we'r... Read More

Key Insights

• 🤑 Rolling Stone has a rich history in chronicling the music industry and has stayed relevant by adapting to the digital age.
• 🎼 The magazine balances its political coverage with a focus on music, aiming to capture the cultural importance and impact of music beyond just entertainment.
• 👶 Rolling Stone has undergone significant changes in its business model, expanding its online presence and exploring new revenue streams beyond advertising.
• 🎼 The future of the music industry remains uncertain due to the current pandemic, but the desire for live events and the social aspect of music will likely prevail.

Questions & Answers

Q: How does Rolling Stone choose the cover of their magazine?

The selection process involves brainstorming sessions with the editorial and creative staff to determine what will have the most cultural impact and capture a significant moment in time. It is a snapshot of the current cultural and political climate.

Q: How does Rolling Stone balance its political coverage with its focus on music?

Rolling Stone believes that music has broader cultural importance and influences society and politics. While they do lean left, they aim to capture multiple perspectives and feature subjects that have cultural significance beyond just the music.

Q: How has Rolling Stone adapted to the digital era?

Rolling Stone has expanded its online presence, publishing regularly and extensively. They have also changed their print format to a monthly publication with higher quality content. Additionally, they are focused on growing their events business and exploring other revenue streams like subscription and product development.

Q: How has the music industry evolved over the years and what is the new normal for concerts?

The music industry has faced challenges with the digitization of music and changes in revenue streams. Live performances and merchandise have become more important in recent years, but the current situation with the pandemic has brought uncertainty to the future of concerts. Despite this, Gus Winner believes that people's desire to gather for live events will eventually prevail.

Summary & Key Takeaways

• Gus Winner talks about the iconic nature of rock and roll, highlighting the significance of guitars like the Telecaster and the impact of musicians like Jimi Hendrix on the genre.

• He discusses how Rolling Stone has adapted to the challenges of the digital era, focusing on online content creation and events to drive revenue.

• Winner emphasizes the importance of capturing multiple perspectives in the magazine, including political coverage, despite leaning left politically.