Yes that’s the title of a Warren Bufffet biography but it’s also my idea of the worth of music. Consumers think music is free because of the many streaming opportunities and free legal downloads, never mind the piracy. It’s tragic and will probably take an age to fix.

At the same time free music affords huge value to businesses like YouTube. Let me make this clear – YouTube would not be remotely where it is without music and companies like Viacom and artists like Prince have long understood this and want to be compensated accordingly. Check it out if you don’t believe me – YouTube’s Top 100 most viewed clips of all time are dominated by music. No other content category delivers as much permanent value as music. What I mean by this is simple. Other categories do drive short term traffic to YouTube and do make Today’s most viewed honours, but after the short term limelight they quickly disappear pretty much forever. Compare Katy Perry’s I kissed A Girl with a Sarah Palin Interview. Which one do you think we’ll still be watching in 10, maybe 20 years time? Which therefore has permanent value?

Music never stops generating traffic. Kids know to go to YouTube for a brand new Panic! At The Disco c lip and thousands of others watch 50 year old Beatles clips over and over again.

Sure , the value depends up on demand like everything else but don’t tell me that music has no value. Without music or without having infringed copyright on a huge scale, YouTube would just be another copyright-respecting Spike (iFilm) and therefore way less successful. The music industry has learned its lesson and now keeps licensing deals very short knowing that soon it will be time to get some of that value back.

Sometimes I hear people talking about how YouTube showed giants like MTV how it’s done and that frustrates me. When you respect copyright, there ’s very little one can do to compete with those who infringe.

YouTube had its big break with the embedded player. Suddenly millions of websites were pointing to YouTube and breaching copyright. Their message was something like “hey kid, you like this clip so just play it on your profile page”. And the Google bots started indexing links to YouTube on a never seen before scale, sending traffic to YouTube in the millions. End of story.

We are in an age where a lot of self-interested business development execs and snake-oil digital strategists talk about paradigm shifts, pulling culture, music democracy and so on.

The fact is music comes attached with copyright and has huge value for businesses and consumers alike. Permanent value.