The launch date for successful console franchise, Rock Band – The Beatles, has just been announced, and it really demonstrates the quickly evolving nature of digital media and the convergence of various content formats.
The game will ship with licensed peripherals modeled on the actual instruments used by the band, as well as licensed songs from the Beatles catalogue. The music industry makes a profit from every game sold, as do the instrument makers who have allowed their brand to be used on peripherals.

Beatles Rock Band will use Licensed Peripherals based on the Bands actual Equipment
Licensing of music, and in fact peripherals, is nothing new, the concept has been used in cinema for many years, but what does make licensing in the new era of digital media important is the convergence.
Convergence, in my eyes, means opportunity, and new possibilities for making money. This couldn’t come at a better time for the music industry as profits dwindle as a result of piracy. The global games market is worth billions, and still has room to grow.

The Music Industry Profits from The Beatles Catalogue Used in the Console Game "Rock Band"
The problem for games developers is that as expectations for games grow, so must the production standard. Many console games now cost millions of euro ‘s to produce, often requiring up to 100 designers, programmers, and 3D artists. Developers have two options: 1) outsource content such as licensed music in order to boost sales (as is the case with Rock Band), or 2) place advertising in the game (as demonstrated by EA’s racing game Burnout).
This, in my view, is what makes the future of digital media so promising – it is the central platform where all other content types will converge, and the possibilities are infinite.

Obama paid for Advertising Space in EA's "Burnout" during his Presidential Xampaign