With the recent news of GarageBand.com, the indie music store, discovery /review service and online community, discontinuing its services as of July 15th, 2010, after 10 years catering to artists and indie music fans alike.., I am left to ponder the fate of the music industry once again.
The latest news – worldwide sales of recorded music fell by another 10% in the last year, digital piracy is still on the rise; accounting for a 30 percent decline in global music sales from 2004 to 2009 and digital services are not enough to stem the tide of falling compact discs sales …
Wow! The industry is a mess and still, it continues to adhere to the same business model and practices it ushered in a century ago. Why? And why are they not dead yet?
Is it at least on its last leg?
Well, every morning when I get online or take time to listen to the radio, flick on television or flip open the pages of a newspaper, the same dinosaurs that are supposedly becoming extinct, are still running rampant and eating everything in site.