Monday
October 16th
2017
home arts/entertainment business/finance politics/current affairs science/technology sport/leisure other
search 
 

Arts/Entertainment

Record Company Shares Plummet

Thursday, February 15th, 2007 at 09:51 by RJ Barker

Shares in music giant EMI plummeted yesterday when they announced their second profit warning in as many months.

EMI, who have artists such as Kylie Minogue, Robbie Williams and Coldplay on their roster put the blame on the depressed state of the music industry and the spectre of file-sharing and piracy reared its ugly head.

Although maybe the spectre of rubbish music should have been more to the forefront.

EMI have said that profits will be “significantly” below current market expectations.  They also got rid of their current head of music after poor sales over Christmas:  His position is currently filled by Eric Nicoli, the group’s executive chairman.

This doesn’t mean that people are no longer interested in music of course.  It does mean that the way people buy music is changing.  Although the big record companies are jumping up and down about file-sharing and piracy, both are nothing new.  I’d be surprised if  anyone out there hasn’t taped an album for a friend or done a mix tape for their car.  Harmless enough, but remember  - “HOME TAPING IS KILLING MUSIC!”

Though clearly it didn’t.

We now have more choice than ever before, yes, some people will download albums and never buy them.  But most of us, if we hear something we like, want to own it.  It’s part of our lovely capitalist culture.  I regularly browse Myspace’, receive CDs from friends, or listen to net radio.  If I find music I enjoy, I’ll buy the CD to support the artist.

There have always been loads and loads of bands, but if you wanted to know about them you had to get out and attend local gigs, each time gambling your money on whether the band would be any good.  Now you just have to click the mouse, things are changing.

We may, now be entering a new stage in music marketing that finally sees the death of the multi-multi-million selling band.  But may well see an overall increase in sales as hundreds of much smaller musical outfits will be able to market direct to the consumer without the expensive process of pressing and producing CD’s.  I like it.  Clever bands will be offering download only albums and letting the people that buy them print off artwork and lyrics, it’s the punk ethic finally come to fruition.

The majors aren’t geared up for it.

It’s the death of a thousand cuts.

And we, the consumer are doing the cutting.

Keywords: , , , , , , , ,

3 Comments on “Record Company Shares Plummet”

  1. Stephen Ball Says:

    You know why I don’t buy full-price brand new cd’s all the time? Because *I don’t have any frickin’ money*. So I will buy cds, but only second-hand or from “amazon shops”. £11.99 for a cd? Previously, I just wouldn’t buy it. Now I get it cheap, and still often buy the ones I really like at full price.

    CD prices are insane (and the tax on books is also insane). Make them half price and sales will soar.

  2. Sue Stewart Says:

    Clever bands will be offering download only albums and letting the people that buy them print off artwork and lyrics, it’s the punk ethic finally come to fruition.

    I like it, too. Of course, I can’t download music as I don’t have XP and most sites demand it now, but what the hell ;)

  3. Rhys Wilcox Says:

    “put the blame on the depressed state of the music industry”

    Well it’s their own bloody fault letting Coldplay make depressing music all the time. Cheer up, boys.

Leave your Comment

You must be logged in to post a comment.

Build Your Own Website
Easy Website Builder

 
 © 2006 - 2007 The Slant.co.uk home | arts/entertainment | business/finance | politics/current affairs | science/technology | sport/leisure | other