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Tuesday, November 06, 2007

Historia Magistra Vitae

"What has happened to the big record companies?
They’ve become casualties of the digital age. As recently as 1999, the recorded-music business was booming, with revenues totaling $14.6 billion in the U.S. alone. But when all music became available in digital form, it became easy to copy it or steal it and share it on the Internet. By 2006, U.S. revenues had plummeted to $11.5 billion, and the decline shows every indication of accelerating. Through the first half of this year, CD sales are running a full 20 percent below last year. One stark sign of the collapse is the new definition of a “hit.” In the old days—that is, seven years ago—an album would have to sell about 500,000 copies to reach No. 1. But Johnny Cash’s posthumous release last June reached the top of the Billboard charts after selling only 88,000 copies. In today’s highly fragmented market, hit records also have far less staying power than when albums such as Michael Jackson’s Thriller held the top spot for months at a time. “Almost every core operating principle in the recorded-music business has been shaken or challenged,” said Edgar Bronfman, chairman of Warner Music Group. "
Panic in the music Industry

If I was a Hollywood Tycoon, I would very much begin to worry about History teaching the future...
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