The music industry made a big mistake when it didn't partner with former Apple CEO Steve Jobs and fought Napster instead of buying it, rapper Armando Christian Perez, otherwise known as Pitbull, said Monday.
"The thing about the music business is that it's a business that makes every other business money except itself, to a certain extent. Now it's starting to find ways on how to monetize things that they weren't looking at before," he said in an interview with "Closing Bell."
In fact, people are just starting to figure out what an asset music is to technology, as evidenced by names like Spotify, Pandora and Jay Z's new company Tidal, he said.
Music execs may worry about free-streaming music, however Perez said that's not a concern to him. He said he can keep producing his music and still make money.
"You can't make my product. They can't code it. They can't patent it," Perez said. "No matter if it goes for free or if it is monetized one way or another, it is going to lead us to some amazing business."
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