BOSTON, November 23, 1998 -- Berklee College of Music was honored to welcome guest lecturer Walter Yetnikoff on November 13, 1998, as the sixth lecturer for the annual James G. Zafris, Jr. Distinguished Lecture Series for Music Business/Management. Mr. Yetnikoff spoke to a standing room only crowd in the David Friend Recital Hall on "Consolidation and Its Effects on Creativity in the Music Business."

The Zafris Lecture Series is dedicated to topics that are timely and relevant to the music industry. The Berklee community was eager to hear the words of Mr. Yetnikoff, who was with CBS Records for 29 years, the last 15 as president and CEO. Currently Mr. Yetnikoff is chairman and CEO of Velvel Music Group, an internationally distributed record label he founded in 1996.

Mr. Yetnikoff spoke about "corporatization" and the "chilling" effect that consolidation has had on creativity, stressing that the fight for short-term profits has often resulted in the loss of long-term creativity. While in the past record companies may have been more willing to allow a creative artist time to experiment and build a following, now radio and record labels are less willing to take a chance, looking more towards their quarterly profit, Yetnikoff said.

Proof of this consolidation is the fact that there are five major record companies that represent 80 percent of market share in the industry, and in radio there are now a lesser number of corporations owning a greater number of radio stations. Mr. Yetnikoff made clear the trend's impact on the music industry by posing the question, would Bob Dylan be played on radio today if he was a new artist?

When asked by a Berklee student to name the accomplishments of which he felt most proud, Mr. Yetnikoff referenced his work nurturing the careers of performing artists like Bruce Springsteen, Michael Jackson, and Billy Joel.

Mr. Yetnikoff continues to pride himself on providing this service to the artistic community in his current venture, Velvel. The word "Velvel," according to Mr. Yetnikoff, means "Walter" in Yiddish and is his way of paying homage to the affection his grandmother had for him, and he for her.

What advice did Mr. Yetnikoff have for aspiring music professionals? "The most important things happen when we are most confused," Mr. Yetnikoff quoted St. Augustine. His message was clear: be prepared for new opportunities that will open up, including the advance of internet use for marketing and promotion.

When asked if there was room for a creative artist in the midst of this constrictive trend, Mr. Yetnikoff reminded the audience that without performing artists there is no music industry. Mr. Yetnikoff, who expressed his continued "awe of creative artists," reminded the Berklee community that "the definition of an artist is something that is different and unique" and that "consumers would not be stimulated by an uncreative business."

"Sometimes less power is more power," reflected Mr. Yetnikoff about his current position at Velvel. It is the "adventure and excitement" of this company that keeps him happy, amongst creative artists. Further plans for the future? Mr. Yetnikoff grinned and joked, "I'll come teach here, maybe, if you'll have me."

Founded in 1945, Berklee College of Music has been advancing careers in contemporary music for more than 50 years. The world's largest independent college of music, Berklee has a multicultural enrollment of over 2,900 students, 40 percent of whom are international. The college's alumni include some of the most respected figures in contemporary music, including many multi-Grammy award winners.

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For further press information:

Emily Singer
Office of Public Information
Berklee College of Music
617-747-2567
esinger@berklee.edu