The Times They Are a Changin' : Why the Recording Industry Must Redesign its Outdated Business Model or Face Disintermediation
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With the advent of groundbreaking digital technologies within the last decade, the Big Four transnational recording industry moguls-Sony BMG, EMI, Universal Music Group and Warner-have all come face to face with a formidable threat from both musicians and music fans alike: potential elimination. The invention of the Internet in conjunction with the proliferation of broadband connections and peer-to-peer networks has placed the traditional music business model in danger of becoming obsolete. CD sales are down and downloads are up. The digitalization of music threatens the record industry giants' very existence; unless, that is, they can learn to embrace it. This document, in addition to analyzing the economic concepts behind the revolutionary change in the audio recording industry, provides a brief synopsis of the author’s experience working in side by side with ex-Brownsville Station songwriter, music entrepreneur and professional recording studio owner, Michael Lutz.