Is The Record Industry Dead? Will Self-Publishing Win The Day?
There has always been bands who have taken control of their own destiny rather than trust a record label to look after their future.
The Grateful Dead are the poster child of self-management making over $100m from album sales and concert tickets during their extraordinary career.
Other high profile names taking the independent route have included Radiohead, Prince and Public Enemy.
However the real story is the thousands of small bands who are starting to build loyal online fan bases to whom they sell their music, concert tickets and merchandise directly.
Idlewind
In November 2008 Idlewind announced that they had decided to leave their record label and go it alone. They launched a website and asked their fans to fund their next album.
The pre-order package, which cost £15, included a limited edition CD with a bonus track, a free download version, the fans name in the liner notes, 15 free live tracks for download, member-only web access to a blog, photos and videos.
They raised all the money they needed and the album was finally released to member fans in June ‘09 with general release pencilled in for later in the year.
Jonathon Coulton took the same route in 2005 and now is one of the most successful web-based musicians with thousands of fans worldwide.
The record industry argues that these types of bands and musicians have always existed on the fringe of the music industry, but they will never be able to compete with the marketing muscle of the large record labels.
Guess what . . . they don’t want to compete! They just want control over their music, image and future. They want a loyal audience who will stick with them. They want to make a living which allows them to pursue their passion for music.
If enough of them choose this route, the web will provide the infrastructure for them to reach their audience and monetise their fan base.
Do The Major Record Labels Have A Future?
Since the commercial Internet came on the scene the music industry has been consistent…consistently incompetent.
They have sued their customers, handed over their industry to a computer manufacturer (Apple iTunes) and acted in a way that has alienated everyone they deal with.
Their actions have led their customers of the future to align themselves with the likes of Pirate Bay to unite against the evil music overlords.
In my humble opinion the major record labels will never regain their former power and control.
The Internet links musicians directly with their fans; social networks facilitate word-of-mouth marketing ensuring the best bands rise to the top; simple payment and download software enables anyone to sell their music directly.
Support infrastructures will emerge to help bands arrange, promote and perform gigs around the world. Online retailers will sell songs from independent bands rather than be cut out of the loop completely. Young bands will grow up in an environment where a record label is where you go if self-promotion hasn’t worked, rather than the other way round.
This inevitable evolution won’t happen overnight…but it will happen. Everyone should benefit…musicians, music fans, independent music websites and small music venues.
The only people who will suffer are those who have been the architects of their own downfall, the major record labels.
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