Editor's Note: Reposted with permission from The Lefsetz Letter, subscribe via Lefsetz.com.
Lyor Cohen is going to YouTube. The only problem is people HATE HIM!
Expecting Lyor Cohen to make peace with labels is like believing Roger Waters will get back together with David Gilmour for a concert in support of Israeli statehood. This shows how out of touch YouTube is; I hope the ink isn't dry.
As for Lyor himself...KUDOS! He crawled from the wreckage into a brand new car. Every other majordomo has faded into the woodwork. From Yetnikoff to Mottola, take away their checkbook, their power-base, and they're done. Lyor opened his label, 300 Entertainment, and ultimately had a hit with Fetty Wap, but despite that hit, despite all the hogwash about establishing a new paradigm, using Twitter data, not much else materialized.
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As for YouTube...
They don't need any hand-holding, they don't need anybody explaining their position, they just need to agree to one take-down notice and higher royalty payments, something Robert Kyncl and his team have repeatedly said they would not do. This isn't Spotify or Apple, with playlists and exclusives.
And if you think the music industry wants to deliver those to YouTube, you don't know that YouTube is more hated than Lyor.
Lyor is known for loyalty. Like Pablo Escobar, his team would take a bullet for him. He's a smart guy, but he's street smart, and that doesn't work in tech, it's about the numbers, data doesn't lie. Come on, can you imagine Lyor in a meeting convincing a label head or a manager? Do you even know how this guy speaks? And he needs to sit atop the pedestal, humility is not in his bag of tricks.
This just proves that YouTube is clueless.
By Bob Lefsetz. Reprinted with permission from The Lefsetz Letter, subscribe via Lefsetz.com.