I said it.
The decline in recorded music has generated a considerable amount of discussion within the music industry and the major record labels, who have blamed the demise on file sharing, burning and downloading.
â€œAlbum sales were down 11 per cent in 2007, from 2.09 billion, in figures that include paid-for downloads. In 1985, unit sales were 1.8 billion, as the CD began to increase in popularity, a run of growth that peaked in 1996 with sales of 3.4 billion. Record company revenues tumbled 8 per cent last year to $19.4 billion, after CD sales fell 13 per cent â€“ more than offsetting the 34 per cent growth in the smaller digital business.â€ (Sabbagh, 2008, The Times).
Music industry experts, bloggers, music critics and economists find this explanation lacking and believe the inability to adapt to a changing distribution landscape is the main source of the problem. Record companies should have responded to prevent such a dramatic fall of sales for recorded music worldwide.
File sharing, burning and downloading is proved to be an encouragement to potential buyers but is not the only reason for this downfall. File sharing slightly decreases the sales for popular artists yet increases sales for unknown artists, which does results in an even balance of recorded music sales.
The industry has almost completely forgotten about:
No wonder recorded music sales are on the downfall!
Record companies need to reform and modernise the thought of mass market solutions and embrace the theory of niche markets, overlapping societies, fresh revenue streams and alternative economic models.
Why not make the industry a subscription based one?
Everyone pays $10, $20 or $30 (for a high user) and gets unlimited digital music?!
This may mean, allowing artists to financially trust again or changing the record company model into a marketing centralisation.
A complete change of format is taking place within the industry and I strongly believe it will take the power and joint effort of all within to completely succeed in the digitalisation of music.
GET OFF YOUR HIGH HORSES AND UNDERSTAND THE OLD BUSINESS MODEL OF RIPPING THE ARTIST AND THE CONSUMER OFF IS DEAD!!!
And for all those who continue to buy the CD, Godbless you!!