When was the last time you were in a record store? I used to go once a week. It was fun to browse the new releases, peruse the bins of my favorite
artists and plow through the used CDs to see if there was anything I wanted to pick up. Times change, though, and that behavior has become as anachronistic as the pocket watch (and, yes -- I
still like pocket watches).
The record industry has experienced more dramatic change in the last 10 years than almost any other category of consumer product. Don't be confused by
that statement, because the music industry is indeed a very well-defined consumer product, but the advent of digital media has created an entire generation of people who may never set foot in a record
store.
Just last week I was dropping off a friend of mine when I was reminded of a song I wanted him to hear. When I played it for him, he mentioned that he hadn't yet
purchased that deluxe edition box set where the song originates, because he didn't know where to go anymore! The joke was that just when he should have gone to a record store, he didn't
even know where one was anymore.
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Numerous articles have been written about how the music industry is dying, but that's not what I'm here to write about. Instead, I want to raise
awareness of the fact that the business is potentially better than ever. From my perspective, the music industry is now set to experience a rebirth and a reinvigoration because the stars have
aligned -- the industry part is getting cut out, and the artists are the ones to make the money!
Just look at the way we consume music now. Yes, it's primarily digital, which
means poorer sound quality and a less tactile experience, but that also means the art can come through in many new ways. Artists have the ability to create more immersive cover art than ever
before, lending value to the experience. Why not create a virtual album cover that is digital video and 3-D rendered while being Web-based? You can catch the attention of users browsing
through iTunes or Amazon -- the main ways to purchase music these days -- with intensely visual artwork if you know how to do it. When you release songs as teasers online, the accompanying assets
(video, graphical, flash, audio) are easily shared and passed along by fans.
Remixes and expanded versions are eaten up by online users, and interactivity with your art further increases
viral consumption. You used to make a mix and give it to your friends; now you can pass music along directly -- and with the right tools, you can keep track of that virality!
With
sites and services like Pandora and Spotify, music discovery has never been as easy as it is now. You can discover and try out new music before you buy. It's also easy to unearth rarities
and classics from long-forgotten artists, allowing them to reach an altogether new audience. And don't even forget the ease with which users create content in which they can easily integrate
music. That music becomes exposed to a new audience, and new fans are born!
Your browser and social media are the best record store you could ever hope for. Your friends are the
new record store clerks, and these services are a revenue stream that never existed before. I know the margins may not be as high as they were, but as the famous words go: "fat, drunk and
stupid is no way to go through life, son." The labels were fat, drunk and stupid and now they're paying the price, but the artists are in far more control now than they ever were before.
Which brings me to the last point: the resurrection of artistry. Some of the new albums from The Gaslight Anthem, The National and Arcade Fire are making me feel good about music again.
Even pop albums from Katy Perry and a host of other artists make me feel there is creativity back in the business. So jump back in feet first, and see what you think. Support the artists
who are doing it right, and let's watch what happens!