Sunday, April 17, 2011
Future of the Music Industry
It's no secret that there's a lot of concern these days about what the music industry will look like going forward, especially from those who work on the label side of the business and have been around for a bit. A variety of things have caused rapid change in the market. Competition from other forms of entertainment, such as the internet, movies and video games, have put more pressure on the industry, as consumers have been presented with significantly more options for their entertainment attention and dollars. And, of course, there's the ever-present specter of unauthorized file sharing, or, as the industry prefers to call it accurately or not, "piracy." Plus the true meaning of all music going digital has put a strain on the business of the industry. Gone are the days when kids would hang out at the record store and buy a whole album or CD. With digital download sites such as iTunes and Napster people are just downloading the one song they want from the album and not purchasing the entire album. As people purchase less artists are making less. This is a disturbing trend for new music, why put it out if you won't be rewarded for it?
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My company use to sell alot of warehouse rack to the Sam Ash Music stores, unfortunately due the people downloading music from the internet, the Sam Ash stores have been slowly closing and we have lost a good bit of our sales. I-tunes and sharing of music among friends has not only impacted the music industry, it has been financially diastrous to other industries.
ReplyDeleteThe music industry does need to make some changes to keep with the digital revolution. I used to work at CD Warehouse where you could buy and sell music, movies, and video games. But it closed in 2004 because people were selling their old CDs and not buying the new ones. Probably because they were downloading them for free. But I do not think that the artists themselves are making less money because of it. They never made that much from record sales anyway. They make their money touring and selling songs for advertisements.
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