According to the Guardian the demise of the music industry is evident in just about every aspect of music expect for one place………. statics. The author Mr. Keegan explains how sales from digital singles rocketed to a record breaking 152.7 million units in 2009. He also pointed out how many people who were downloading music illegally still spent money on concerts and ringtones ranging up to £3 ($4 dollars in U.S. currency) for the same song they downloaded for free. The main point he was making was that the statics of revenue are not as bad as the industry makes us believe.
Personally I think the industry is viewing the shift of music consumption wrong, and just because consumers aren’t buying music in the traditional way doesn’t mean they don’t want music. People are still going to concerts, buying merchandise, single songs, and ringtones as well as consuming music from other outlets (advertising and streaming services). In short, I think the industry needs to get over this argument, and start moving on to new ways to distribute music and monetize revenue. If anything is going to “kill” the industry it will be the lack of innovation from the record companies and artists.
Submitted by: Jarvis R. Smith