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The Music Industry and the Digital Revolution

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The Music Industry and the Digital Revolution

Economist Films,

5 Minuten Lesezeit
5 Take-aways
Audio & Text

Was ist drin?

Record labels’ ownership of artists’ music rights is akin to a bank owning your house after you’ve repaid your mortgage.

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Editorial Rating

8

Qualities

  • Innovative
  • Overview
  • Engaging

Recommendation

No industry is immune to paradigm-shifting disruption. To examine the changes that technology has inflicted on the music industry, Economist Films zeroes in on a medley of case studies that collectively provide a colorful overall picture. It concludes that to survive the subsequent upheaval, industry players must welcome the opportunities – rather than ward off the threats – that radical disruption begets. getAbstract recommends this vibrant video to artists and musicians, as well as to leaders across all industries who need a reminder of the importance of adapting.

Summary

Although digital technology has transformed how consumers experience music, the music industry’s business model has resisted change. In a standard record deal, artists surrender their music rights to a record company. Yet many artists, including rock band Radiohead, are challenging this model, which unfairly favors record labels. When Radiohead’s contract with EMI expired in 2007, the band released its next album, In Rainbows, as a digital download and allowed fans to pay whatever they wanted for the album. Ultimately, the band earned more digital income from In Rainbows than from all its previous ...

About the Speaker

Economist Films produces documentaries that investigate economic, social and political issues.

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    G. M. 8 years ago
    What a powewrful read and very eye opening - thank-you!
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    A. A. 8 years ago
    Music industry needs more attention from the digital world
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    C. P. 8 years ago
    Thanks for the industry insight which I would normally not be aware of.