I'm doing a Music Production degree right now and I couldn't agree more that the industry is spiralling towards its death. We had to do a whole essay on it recently. It's not the music industry that's failing - the writing and creation of music is probably more prolific than ever. It's the record industry that's failing. People rarely buy physical records from stores anymore; partly because it's cheaper to buy online or illegally download for free, which while not admirable, raises the very valid point that in today's world, where money is tight and recessions frequently occur, people just can't afford to spend a lot of money buying CDs and vinyls anymore. Not only that, but it's been proven that the physical music stores still standing don't stock the music that people want to buy. It's been reported that most of the music illegally downloaded is music that physical stores never stock, either because it's not mainstream enough, or because it's out of print. And regardless of that, technology has moved on so much recently that people don't want a towering pile of CDs - they want their music collections to fit into a little digital box that they carry around, beacuse it's convenient and it makes everything easier, even for people in the industry - how often do you see professional DJs using a laptop for his work? People just don't want to break their wrists carrying huge bags of vinyls or CDs around anymore. While people turning to breaking the law to get music is no good thing, it does prove that the record industry is no longer fit for purpose, and the quicker they adjust it to suit the modern market, the better. HOW they do this, I can't say. I went through possibilities in my essay, but it's clear that the music industry is going to survive, because more people listen to music than ever, and more artists and bands are making it. It's the record industry that has to change.
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