The music industry is dying. If they continue to try to do things they way they have always done them, in 15 years or less the companies that exist as we know them will no longer exist. Without a doubt, due to plunging CD sales, a slate of horrible publicity, stupid business decisions, Internet piracy, and just plain bad albums, the way music companies do business is going to have to change sooner, rather than later. At the South by Southwest (SXSW) festival, a gathering of musicians, record executives, music salesmens, and prominent activists came to one conclusion: be more like the porn industry.
In a lot of ways, the two are exactly alike. They both exploit young girls for profits. They both depend on a constant influx of new talent. Where the two industries differ (and where the record industry needs to wise up) is that porn is “not trying to force their customers into a relationship,” stated Eric Garland, head of digital media measurement company Big Champagine. “They’re just out to prove on a daily basis that it’s a good deal.”
That’s where the music industry has failed. Nobody wants to buy a full album of lousy songs for one or two hit singles. Nobody really wants to steal music, either. But if you adjust your prices to where people will pay, and you offer them something they want, then sales will come back. You’ll never get that $18 CD sold again; but you might sell 18 songs for $1 a piece. You just have to make your presence worth it to the world at large. After all, people still spend hundreds of millions of dollars a year on concert tickets.
Tags: South by Southwest Festivial, SXSW, music industry, record companies, be like the porn industry, music industry survival tips, expert panels, unusual declarations
