Link: Accounting for the big plunge in "music sales": the digital singles effect.
The music industry quaked yesterday as reports surfaced indicating that CD sales have plummeted 20 percent compared to the same period last year. This is just the latest a string of bad news for music sales going back several years. The question is, what's to blame?
This article offers a good summary of the state of the music biz. Anyone not seeing this coming isn't paying attention or doesn't care. Personally, I'm not sure that I care either. Being such a big music fan you'd think, on the surface, that I'd want the industry to thrive. What I really want is access to great music and that's pretty much it. When I say "music industry" I'm narrowly referring to the big record company and media conglomerate complete with cocky executives basing their business and effort around what sells and puts money in their pockets. It's a business after all so it's really not a problem or something worthy of much complaint. I can dig through piles of complete crap to get to the one copy of the one CD that I want. That's fine.
Overall my music consumption has gone down. I could do a series of posts about why but...why? I'm guessing it has to do with my willingness and time allocated to the discovery process. I still discover new music I enjoy every year but many artists I enjoy also fall of my radar or simply go away. I discriminate a little more these days as well. I don't automatically grab anything I think may entertain me although I do still take the occasional risk. My personal track record of music risk taking is really good so my reason around buying less has to do with other factors. My level of effort goes up if I get into a musical drought and the result is usually very satisfying. I'm way off topic now.
The basis of this article (and was supposed to be for this post) is that the music industry is facing a serious decline in CD sales. A big part of the problem is that people have alternative ways to get music and can opt to simply buy the single that the crappy radio station they listen to has crammed down their throats. Hmmmm. Now these robots that the industry has worked so hard to create are doing exactly what they are supposed to be doing. They are buying the music only now it's the single and not the other 15 songs of worthless garbage. Oops. Now how are you going to get out of this hole? You may need to actually produce mainstream music that isn't 90% bullshit. Guess what, that is impossible with these masses.
The good news is that there is more and more good mainstream music coming out and it is beating out some of the crap. People will buy the CD if it has more than one good song on it. Also, many of the smart executives are seeing that you can release old unreleased and remastered bits from the classics. People will buy that too. I can only hope that the trend quickly becomes worthy artists selling all the CDs and calling the shots and making the money. The independent labels are laughing at some of the big guns now and I love it. Let's hope they don't "go corporate" and that they keep to their initial mission statement. One unfortunate casualty is the closure of the "record store". I've always had a dream of someday having my own record store but that would now be a bad idea. The future of this business is not brick and mortar but there still may be some hopes of an actual store but things would need to be different. My local record store, Dimple Records, is going to disappear before my son buys his first music. Their sales have been declining and once their core business fails to yield enough money the other cool things they do will not be enough to sustain and they will go away and will likely be replaced by a Starbucks or nail salon.
I've been considering selling off another several hundred CDs from my collection. I sold a few hundred a year and a half ago and haven't missed them. I'm thinking another cut would be good. I love my CDs but I don't listen to most of them anymore. Each and every one has a memory associated with it. I've gotten my money's worth for sure. It's just that I don't see the need to keep them around if I'm not going to listen to them any more. The idea of a CD "collection" is less attractive now then it was when I started collecting 20 years ago. With some exceptions, CDs will slowly become worthless so I may as well get a few bucks out of them and pass them along to others that truly want them. There are already a few hundred people that have something from my collection. It's time to fire up my Amazon sellers account, which has a perfect 5 start sellers rating!
