With all of these developments, it is clear that Simon and HFA have several challenges ahead.

FORBES: With a New President and a Changing Market, Harry Fox Looks to Continue Thriving in the Digital Age

The beauty of HFA is that it represents so many owners, making it a one stop shop for licensing.

FORBES: With a New President and a Changing Market, Harry Fox Looks to Continue Thriving in the Digital Age

How is HFA responding to the innovations of smaller licensing clearinghouses like Rightsflow?

FORBES: With a New President and a Changing Market, Harry Fox Looks to Continue Thriving in the Digital Age

However, HFA is now facing a number of challenges to its business model.

FORBES: With a New President and a Changing Market, Harry Fox Looks to Continue Thriving in the Digital Age

Today, Rightsflow boasts a clientele of 16, 000 labels, distributors, artists, and music services (about a third the number represented by HFA) and a database of 30 million songs for which it issues mechanical licenses.

FORBES: With a New President and a Changing Market, Harry Fox Looks to Continue Thriving in the Digital Age

While the reasons for the change at the top of the HFA were not disclosed, what is apparent is that licensing clearinghouses will certainly continue to face new challenges with the decline of physical media and the emergence of internet streaming.

FORBES: With a New President and a Changing Market, Harry Fox Looks to Continue Thriving in the Digital Age

Rightsflow is now a significant presence with the potential to compete against HFA. As of December 2011, Rightsflow is part of the Google family, allowing Rightsflow to establish itself in what is perhaps one of the biggest innovations in song licensing platforms: YouTube.

FORBES: With a New President and a Changing Market, Harry Fox Looks to Continue Thriving in the Digital Age