Transforming the Music Industry

The writing is on the wall

YouTube has had a devastating impact on the provision of music. On the one had we have online music resources that increase the number of people that enjoy the works of the great artists: one the other hand we have the artists complaining that they are being cheated out of their royalties? The dilemma for the music industry is that it does not yet have a coherent strategy for the growth of the online music resources. They made the CDs very expensive and then discovered that they could lose everything. People can now download almost any tune that they like using these file sharing websites. They no longer feel any obligation to the music giants. If you can get free music then there is no need for you to pay through the nose to the record companies that are not even grateful for your custom. In doing so the public is taking back the music industry. The online music resources have been an instrument of rebellion for all intents and purposes.

What has been the response of the music industry to the growth of the online music resources? First of all they tried the courts and found that the internet was very difficult to police in any event. They have now joined the group in order to get a proportion of the music. They also supplement their income using advertising revenue. To me this is a welcome development that shows that the music industry is learning the lessons that we all know have been applicable for a long time. They can no longer operate as if they are some sort of glorified monopoly. They need to take into consideration the wishes and aspirations of the customers. That is what the online music resources have been able to achieve in the time that they have been operational. We should ensure that we follow suit with our own work on the projects that concern music.

From the vantage point of a relatively disinterested observer I can say that the creation of the online music resources will benefit the music industry in the long run. They will get away from the monopolistic mentality and start to deal with the reality of working in a competitive music market. This change cannot have come at a better time. The artists will also know that the consumers matter at the end of the day. They cannot afford to charge all the high prices that they want without any sensitivity towards the commercial reality of their circumstances. In terms of the coverage of music, the online music resources have widened the audience to people that would never have thought of buying a record in their lifetime. One of the fringe benefits of the democratization of the music industry is that it might trigger a renewed interest in the works that are put onto the market. People get free stuff and then they get hooked to the music. Either way this is a welcome development.