When Pitbull isn’t rocking out at pool parties with aluminum beer bottles, he’s apparently busy educating himself on the complex music industry, and he’s come away with some interesting reflections.
In an interview with CNBC’s Closing Bell, Pitbull, otherwise known as Armando Christian Perez, said that the music industry missed the boat by not embracing technology earlier, suggesting there should have been a partnership with Steve Jobs and Apple, and he added that they should have found a way to buy Napster rather than fight it.
“The thing about the music business is that it’s a business that makes every other business money except itself, to a certain extent. Now, it’s starting to find ways on how to monetize things that they weren’t looking at before,” said the pop artist.
A businessman with his own fragrance line and a partnership with Voli Vodka, Pitbull sees music as a unique asset in how it cannot be replicated. “You can’t make my product. They can’t code it. They can’t patent it,” Perez said. “No matter if it goes for free or if it is monetized one way or another, it is going to lead us to some amazing business.”
With the recent
launch flop of Tidal and the increased use of music streaming services, Pitbull sees opportunity, not free access to his music.