paidContent has the first post from the MusicTank "Face To Face With The Millennials" conference in London. The conference is built around a report on millennials funded by MusicTank and authored by Nettwerk's Terry McBride.

The report is free only to MusicTank members, but you can download a PDF of the executive summary here. The summary's call to action is best summed up in the final paragraph:

In summary: technological advancement will promote further diversification in the music industry, in terms of business models, content and mechanisms for artistfan interaction. No single approach is ‘the next big thing’, and experimentation is strongly encouraged. No-one can afford to wait for proof of concept when the next big innovation is always just around the corner. Millennials are constantly experimenting with and evaluating their experience as consumers: we suggest the music business does the same.

The paidContent post concentrates on comments made by McBride. He claims Avril Lavigne has made $2 million from YouTube ad sharing (an incredible sum, but certainly on the very high end of potential artist revenue from video plays), and he said labels should drop download prices to $0.25 and albums to $2.00 (which would take cooperation of music publishers and a reduction in mechanical royalties).

Like many people, I enjoy listening to or reading about McBride's philosophies and thoughts on the business. If you have half an hour to spare, watch this interview with McBride at Artist House Music.