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Changing Working Practices in the Music Industry - Essay Example

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Before the digital revolution completely transformed the musical landscape, music bands and artists used to get their major chunk of revenue…
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Changing Working Practices in the Music Industry
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Download file to see previous pages One such case in point is the deal between the record company EMI and singing sensation Robbie Williams. The $80 million deal which was signed in 2002 allowed the record company to share the profits during his world tours and his merchandising profits. According to a music business consultant, in the year 2010 the sale of albums will contribute only 30% of the total profits, whereas the other 70% would comprise of merchandise sales as well as sales from musical tours. Keith Negus (1999, p.22) comments ‘While portable CD players, Walkmans and car stereos have made recorded music increasingly mobile, the products of the film industry must still be watched in the cinema or at home on a video machine.’
Four of the major record companies in the world are Warner Music, Sony/BMG, Universal and EMI. For a long time, they had monopolized the music industry but now the trend seems to be changing. On such example is the band Enter Shikari, which has released their debut album under its own record label. Many such examples abound in the music industry, and this is making the major record companies see red. EMI and Universal has already started to retrench, EMI having laid-off almost half of its employees. Keith Negus (1999, p.15) states ‘That the major entertainment corporations are continually seeking to control and thus maximize their profits from cultural production is a point that has been repeatedly emphasized by political economists.’ The only glimmer of hope of the major record companies is the potential of earning profits from the burgeoning internet download market. Some experts believe that record companies tying up with major download sites will help the record companies to stay in the profit books for a longer time. It’s clear now where the music industry is drifting to. According to the American music industry trade body RIAA, the number of paid downloads from internet sites is on ...Download file to see next pagesRead More
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