Fifth Global Economic Summit Concludes

NAMM, the International Music Products Association, recently hosted the Fifth Global Economic Summit of the Music Products Industry, August 25–28, 2004, in Carlsbad, Calif. Every three years, NAMM hosts a group of key industry leaders, media and advisers, to explore emerging markets, reinforce global relationships and share different visions of the path to long-term, sustainable industry growth.

Several experts including Dr. Lester Thurow, Jeff Jordan, senior vice president of U.S. operations for eBay; Dr. Don Hodges, and noted international consultant Sir Kenneth Robinson, spoke to the group on topics such as global economics, demographics, music research, supply chain management and creativity, with the overall shared goal of unifying and strengthening the global music products industry and creating more music makers worldwide.

Dr. Barry Bittman and Karl Bruhn, co-founders of the Recreational Music Making and Wellness movement, also addressed delegates on the concept’s progress while outlining the potential this concept holds for the global music products industry.

After three days of presentations and intensive small workgroup sessions, the delegates created these recommendations:

• Recommend that the music products industry actively endorse Recreational Music Making (RMM) as a market building and expansion strategy including a challenge to suppliers to develop products supported by protocol and programs developed in collaboration with medical and educational communities, as well as others. Also challenge retailers and associations to implement Recreational Music Making programs on the local, regional, national and international levels
• Recommend that the music research agenda be expanded to include perceptions of music making, Recreational Music Making and its impact and effects, as well as issues relating to music education that support public policy initiatives. Also, recommend the broader dissemination of music research outcomes in marketable language reflecting research credibility and validity
• Recommend the expedited completion of the music industry electronic standards and the active dissemination and use in the global music products industry; music industry associations facilitate the adoption of these standards worldwide including coordination with POS (point of sale) infrastructure
• Recommend that the music products industry increase its focus on emerging geographic markets and play an active role in industry expansion to new countries and demographics
• Recommend that the global music products associations convene annually to communicate, coordinate and collaborate on initiatives and share best practices

“The Global Economic Summit is unique because it gives industry leaders the opportunity to escape the day-to-day and think strategically about the future,” said Joe Lamond, president and CEO, NAMM. “NAMM is here to serve the industry by hosting this meeting, collecting the best ideas from the sessions and creating a final report which can then be used by every NAMM Member company in the industry to build on their own strategic plans so that we can all move forward together.”