Thomas Stein compares the carmakers‘ mistakes with the music business
A global corporation is struggling and with it entire industries and business sites. The car manufacturer Audi reported a significant decline in sales for 2018 and according to economic forecasts, the future doesn’t look any better either. As CEO of BGM, Global Topspeaker M. Stein once managed a global corporation himself. The well-known music producer again points out that many industries are making the same mistakes, the music industry used to make once, too. In many sectors, such as in the automotive industry for instance, digitisation is not recognised as an opportunity. But particularly in the age of digitisation, you need to be flexible and make quick decisions instead of sitting out economic downturns. This is what the fascinating speaker now also talks about in his new presentation.
Thomas M. Stein therefore is extremely critical of the current developments in the automotive industry in Germany: Instead of heading into the new year at full speed and with new ideas, Audi’s production stood still for more than two thirds of the month in January. The exhaust scandal still seems to paralyse the German automotive industry. News on ground-breaking innovations in e-mobility and autonomous driving originate from the US or Asia. In Germany - the world’s leading exporter of cars - on the other hand, things have become quiet. This standstill reminds Global Topspeaker Thomas M. Stein of the digital turnaround in the music industry a few years ago. Here, too, it was online streaming services from the Silicon Valley that wholeheartedly relied on new technologies and within a short time dominated the market. The sales figures of the big, long-established record labels plummeted because their previous success had blinded them and kept them from developing sustainable strategies for the future.
In his new presentation „The Business must go on. Strategies from the music industry for corporate success“, Thomas M. Stein illustrates how to recognise trends such as digitisation early on and how to take advantage of them as a company before other competitors suddenly push into the market. In order to do so, he combines entertaining stories from the music and show biz with highly effective business strategies. For in the decades of his successful career, he has realised one thing: „Ground-breaking technological developments always hit the music industry first. Therefore, its current situation shows what is soon to come for all other industrial sectors as well.“ In the opinion of music expert M. Stein, there‘s a profound driving force behind the comprehensive changes in our corporate world, the impact of which should not be underestimated.
In view of this context, keynote speaker Stein now hopes that the automotive industry will learn from the mistakes of the music industry instead of repeating them and making the same bad decisions. This is the only way to ensure that economic growth is not slowed down in the future and corporate success is maintained in the long term.