Matolcsy: Music becomes a part of the data-driven economy

English2021. feb. 5.GOVERNOR MATOLCSY100WORDS

Artists, songwriters, record labels and publishing companies all cash in on old classics due to the pandemic. However, the frenzy for publishing rights has effectively doubled the value of music catalogues in the last 5 years. /Nic Fildes, FT, 12 December 2020/

Something much bigger is happening beyond the pandemic. Music has really gone from a luxury purchase to a utility purchase, as Merck Mercuriadis from Hipgnosis argues. A hit has more than 60 billion microtransactions, meaning that at least 60 billion invaluable data can be accumulated via streaming by only one hit. Giant databases have been emerging. The new utility gives more information, especially much more sophisticated knowledge about our human characters than the consumption of any other utilities.

This is the new fusion economy. Via consumption we create data, it is the new oil, the new energy source of new production. New economy is really the fusion of consumption and production.

Governor Matolcsy, MNB, the Central Bank of Hungary

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