It was over 20 years ago when Buggles “Video Killed the Radio Star” announced the untimely death of radio as the industry looked forward to the video age.
Over the last decade, music execs have been weighing in on the “demise” of the music industry. With the CD era dying and transitioning into digital downloads, you might ask yourself , “Where do I buy a CD?”
As the digital downloads of singles continue to rise, artists can’t catch a break with album sales. Case in point: Ke$ha, the 23-year-old pop star behind last year’s smasher “Tik Tok” had the largest soundscan performance ever for a female artist, selling 610,000 digital downloads in just one week. However, as her single continues to rise to quadruple status, her album “Animal” has only sold roughly one-fifth of that total to date.
“Albums will continue to fade in importance,” Husney stated, president and CEO of First American Entertainment. “The future is artists creating music in their bedroom studios, selling them on the Internet, and owning all the publishing and mastering.”
On the opposing side, for every problem there is an opportunity. This has now allowed many indie bands and up-and-coming artists to take advantage of digital success. L.A.-based band Faulkner have found success releasing monthly singles on their 8,000 member Facebook fan page.
Ultimately, we cannot say that the music industry is dying but yet embrace the new change that is offering so many new outlets to new and emerging talents.