We saw in the last 6 months that the music industry has not been badly affected by the global financial crisis. Some say it is recession-proof or that the recession has been helpful to them while there are a few reports that confirm that the record industry does suffer but not as much as others who had no choice but to make mass redundancies. What is really going on?
It is well known that the major labels dictate their signed artists and use them as pawns in their profit machine. Most of the album sales (around 80-90%) go to the labels and the musicians receive a small percentage of the royalties. Music and the show business dominate the modern entertainment and lifestyle. We don?t need a strong economy to make people follow their favorite artists. Given the high prices of the CDs, which is very negative while the market suffers and helps only the piracy, more events and more concerts can be organized by the major labels, more aggressive promotions can be launched and larger percentages of the artist’s earnings can be with held by the labels. The labels have several ways to cover their financial loss. Under these circumstances, the artists have to pay the price and particularly the new starters who are not very competitive and have no other option except to follow their labels. Continue reading »
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