Still haven't forgiven Lars Ulrich for killing Napster
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Date: May 10th, 2013 3:18 PM Author: Racy Maniacal Home
it's hilarious how the internet destroyed the record industry.
people don't realize how enormously profitable the record industry was. for big media conglomerates like Warner Bros, between the 70s and 90s, the record/music division (not movies/TV) was far and away their most dependable revenue engine, generating untold millions. rock bands in the 90s still routinely sold 10+ million copies of new releases, which meant massive royalty payments for them. the internet destroyed all of this over night.
the best source of insight into the changing fortunes of recording artists themselves is Howard Stern's interviews with aging 90s alt rockers, like Dave Grohl and Stone Temple Pilots. he always asks them about their finances, and they compare the model that existed in the 90s to the model that exists now. basically, they make no money from record sales, and they have to tour non-stop and license music to commercials, American Idol, etc., to make even a fraction of what they once earned from mechanical record royalties.
(http://www.autoadmit.com/thread.php?thread_id=2252588&forum_id=2Reputation#23172413) |
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