We all have discussed the demise of labels and physical CD sales. Now this NY Times article brings to light the growing concern over shrinking digital based revenues which are falling close to 8-10% a year.
Our field is always full of new comers trying to make it as songwriters, session players, artists, engineers, producers, etc., but if all the revenue streams for recorded music dry up, just how will everyone make a living?
Do you think the fall off in digital sales are only a snapshot of the already failing major label who have simply failed to embrace new technology or refused to shift paradigms, or do these figures reflect sales of independents as well? Is the media and big music business chicken little? Is the sky falling?
I'm not sure, but I do know that if people stop buying a product, there is no reason to hope they will somehow turn around and start buying again, no matter how great the music.
So, how do you plan to survive now?
Oh yeah, duh, forgot the link:
I think recorded music is the canary in the digital coal mine. The good news is that we can reclaim our audience if we figure out a way to revitalize great live performances that are affordable to a new generation of music fans.
New trends in popular music have always followed a new generation of live venues.
Q: "So, how do you plan to survive now?"
A: By the grace of God.
Daily, I think of selling everything and building a small Smoothie Shack on a beach in Maui. If things get much worse, I may get my wish! Only, it probably won't be on a beach in Maui....and I won't own it.
"Sir, Would you like the Mango, or Banana smoothie?"
Yeah, I'm kinda in "Glass half empty" mode....and I see the glass getting emptier by the day.
I realize this is gross oversimplification, but doing as many different things as you/I/we can do increases success and longevity odds.
My old friend Jack Sonni [former Dire Straits guitarist] always has an intelligent and funny response to this kind of question.
Here's something he wrote recently: http://www.jacksonni.com/2011/things-have-changed-2/