Neil Portnow, president and chief executive of The Recording Academy.

He has not only been responsible for overseeing the academy's many functions and programs, but he's also become a leading figure in guiding the music industry through this revolutionary period.

Despite the difficulties the music business is currently experiencing, Portnow believes that more people want to listen to music and are willing to play music than ever before.

"What we need to do is to figure out how the business model can be profitable for artists and musicians, and for entrepreneurs and the corporate side," he says.

"The old way of running the music business has been operating for nearly 70 years. Like everything changing in the world, the music business needs to change as well. But music is still vibrant."

One important part of the transition is piracy and illegal use of content, and the protection of intellectual property.

The first thing Portnow believes is needed is education of young people, who are the music consumers.

"There are many young people growing up without knowing what is right and wrong about music. If you take a bottle of water without paying, it's called stealing. When you download free music, it is theft, too," he says.

On a government level, more attention needs to be spent correcting this issue.

Another element is establishing more common ground between those who make the music and distribute the music.

Portnow says the concert is just a start in the process of bringing the Grammys to China. Over the next one to two years, he would like to found a company in China to hold official Grammy events.

He is also planning to hold an exhibition of Chinese music at the Grammy Museum in Los Angeles this year.