The first song to air on MTV August 1, 1981, was Video Killed the Radio Star, by the British New Wave band the Buggles. Now, even in the YouTube era, fans still say they want their old MTV.
The first song to air on MTV August 1, 1981, was Video Killed the Radio Star, by the British New Wave band the Buggles. Now, even in the YouTube era, fans still say they want their old MTV.
The first song to air on MTV August 1, 1981, was Video Killed the Radio Star, by the British New Wave band the Buggles. Now, even in the YouTube era, fans still say they want their old MTV.
The first song to air on MTV August 1, 1981, was Video Killed the Radio Star, by the British New Wave band the Buggles. Now, even in the YouTube era, fans still say they want their old MTV.

Internet killed the MTV star


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Contrary to what you may have heard, media fragmentation didn't begin with the advent of the blogosphere. Neither did the attention deficit disorder we're all supposedly stricken with have its origins in Facebook or Twitter. For these things, you can blame Service Electric, the Pennsylvania communications company that launched HBO, way back in 1972. The arrival of mass-market cable marked the outbreak of a media epidemic. Viewers suddenly had dozens, then scores, then hundreds of networks to choose from. These new networks divided and then divided again, like cells, producing ever-more specialised programming along the way, a process that culminated in the launch of MTV.

MTV made its debut at midnight on August 1, 1981. The first thing viewers saw was footage of the Apollo 11 mission, set to a fast-paced drum-and-guitar riff, a clip that ended with an astronaut planting an MTV flag on the moon. This was a glib and impudent appropriation of a cherished moment in American history, a nyah-nyah to decorum and tradition, setting the tone for what was to follow. But these MTV guys were clever: the moon-landing imagery also succeeded in conveying the idea that there was something remarkable happening here, something historical. And there was, too. The channel established the music video as an art form in its own right, but it also anticipated, and possibly even engendered, many of the conventions that dominate media today.

MTV was a shifting, overlapping collage of apparently random sights and sounds, an endless loop of cleavage and clanging guitar. This sort of jittery, quick-cut delivery is bog standard now, but back then it was unprecedented. For parents, watching MTV was like staring into a strobe light while someone bashed dustbin lids together. For the younger generation, it represented a kind of alternate universe, a virtual social network before such things existed.

A minute or so into its first broadcast, immediately after the Apollo promo had concluded, the screen faded into "Video Killed the Radio Star" by the Buggles. That this clip was the first ever aired on the channel was no accident, of course - this was another clear statement of intent. MTV was, without apology, aiming to run roughshod over old media, and it didn't care who got hurt in the process.

Today, almost 30 years after it launched, the station is facing an existential threat of its own - from a medium that is every bit as brash and bull-headed as MTV was when it came on the scene. And the irony of this hasn't been lost on the likes of Paul Temporal, who in 2008 published a book titled, The Branding of MTV: Will Internet Kill the Video Star? While video stars are actually doing just fine, MTV is no longer the place to watch them. Instead, people are going to internet sites such as YouTube and Vevo. Worse yet, music label executives - who used to get calloused knees from begging to have their artists aired on MTV - have caught onto this fact. Universal Music recently threatened to pull its music videos from the station, which would mean no more Lady Gaga, no more Kanye West and no more Justin Bieber.

Or, in other words, no more MTV. The techies, not surprisingly, had a field day with this development. "It seems the labels don't even care about 'old media'," chirped a blogger on the San Francisco Chronicle site. "For Universal and its artists, being exclusively online is just fine." It's hard to say what would have galled the MTV people more: the idea that music artists no longer need it, or being lumped into the "old media" category, which is a bit like being a three-legged horse in a racing stable.

A couple of days after the Chronicle post appeared, a Variety article about the boom of the online music video industry quoted a media analyst as saying: "It's like the MTV heyday all over again" - the phrasing of which, once more, seemed to be placing the channel firmly in the has-been category. The Variety article went on to inform us that a single video on YouTube - Lady Gaga's Bad Romance - has so far generated over 257 million views. In mid-August, meanwhile, MTV's Jersey Shore - the hottest product it currently has to offer - was watched by 5.5 million viewers.

The most telling detail about the above, however, has nothing to do with viewing figures. Jersey Shore is a reality show, one of a growing number that currently air on MTV. In fact, music videos now make up only a quarter of all programming on the station, and these slots are aired mostly in the wee hours. Prime time is reserved for stuff like Teen Mom, Disaster Date and Pranked. No doubt, MTV executives will tell you the decision to switch to a reality format was based on the dynamics of the marketplace and so on. And this explanation may, it must be said, have a ring of truth to it: it's hard to imagine how MTV can compete with online video sites on their own terms. Many former fans of the station, though, insist MTV has been the architect of its own demise.

"Video Killed the Radio Star but Viacom killed MTV," wrote one online observer a few months back, referring to the station's parent company. "Viacom said they thought that having a 24-hour music video channel was boring, so they decided to create shows for the channel, and that's what killed MTV. Way to go, Viacom." "I also wish they would put the music back on and ditch the stupid reality shows," responded another disgruntled fan. "I hope they bring the good MTV back some day."

But it's by no means only the punters who feel this way. While giving an acceptance speech at the 2007 MTV Video Music Awards, Justin Timberlake - whose career owes as much to MTV's patronage as anyone's - implored the station to "play more **** videos!" Three years on, it's clear that nobody at MTV took much notice of this advice. You can watch Timberlake's appearance at the 2007 VMA on YouTube, by the way - along with videos by Lady Gaga, Kanye West, Justin Bieber, and The Buggles.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Cultural fiesta

What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421,  Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.