The End of the Record Label?
Dan Piergallini
The record companies have been sticking it to the consumer since Thomas Edison invented the phonograph and the industry was born. Now it looks as though the industry is either about to die or receive a drastic facelift that would make recent recipients of botox jealous.
People have argued that since the inception of Napster the industry has been irrelevant. The thousands of lawsuits filed by the RIAA seemed like the last desperate flailings of a cow caught in a barbwire fence.
The Freakonomics bloggers recently held a forum discussion about the future of the music industry. An economics professor, a producer, and a record executive all discussed the industry from various angles; but the overall consensus was that the record industry has not kept up with the times. They missed a golden opportunity with digital music distribution, and the bus isn't coming back to pick them up.
In an article released in Time online today it was pointed out that the worldwide superpower band Radiohead will be releasing its newest album In Rainbows for the price of whatever the consumer wants to pay. Assuming the website's server bandwidth holds up (presumably millions of people will want to download the album on its Oct. 10 release date) - this could mark the first massive distribution of an album for free.
If you question whether artists can survive by giving away their music for free, think about this: Earlier this summer, the artist once-again known as Prince distributed his latest album 3121 for free in the U.K. via newspaper - and promptly sold out 21 concerts in the London area.
I won't go so far as to say the industry is dead but if I was a doctor it'd be about time for the "I regret to inform you that you don't have long to live."
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