The Greed of Music Industry Executives and Declining Record Sales Essay

The Greed of Music fabrication Executives and Declining Record SalesThe practice of medicine recording effort is in trouble. For several(prenominal) years right off, sales of reinvigorated and popular music have steadily declined and show no sign of changing. The record companies atomic number 18 quick to doomed the growing popularity of the profits music is being traded in a digital form online, often anonymously, with the use of file-sharing programs such as Morpheus, KaZaA, and Imesh, to name a few. The RIAA (Recording labor Association of America) succeeded in disbanding the pioneer Internet file-sharing program, Napster, tho is veneering confrontation with similar programs that are escaping American copyright laws. While in that respect is an obvious connection between declining popular music sales and change magnitude file sharing, there is more going on than the RIAA wants to admit. I forget show that the recording companies are overpricing their products, and non sufficiently using the Internet as an opportunity to market and sell their products. I shall begin by describing in greater detail the problem that the recording companies are facing, as well as the growing epidemic of online music trading. From there, I go away show the correlation between the two and describe the other factors bear on record sales, and how these trends could be turned around to help the industry. The Record Industry is in trouble, says Jann S. Wenner in an editorial appearing in a modern issue of Rolling Stone Magazine. Album sales are now down almost 20% from two years ago, and the record work is facing the biggest retail slide since the Great Depression (Wenner). People are buying less and less products released by the recording companies. Nobody doubts that the music business is in trouble. Last year, global sales of CDs were down by 5% from 2000, the first fall since the format was launched (NAPSTER R.I.P). The Nielsen SoundScan, used to report last s ales to consumers, revealed some of its figures in a September 2002 issue of billboard Magazine. Nielsen SoundScan reports that overall music sales compared with the year before were off by 12.6%while album sales were off by 9.8%. Total first-half units sell fell to 317.7 one thousand thousand units from 363.4 million the number of albums sold slipped to 311.1 million units from 344.8 million an 8.1% drop (Garrity). Even the number of albums that become hits is... ...election and convenience of P2Ps. Because of consumers disposal to download single songs by many varying artists, many whitethorn wonder if increased Internet use will eventually deracinate the record album from existence. Personally, I do not foresee the close of CDs and albums as a product. The MP3 format is not quite CD quality, and the single that are typically downloaded by consumers do not always gleam the talent or best product of a certain performer. hit are what will make money, but B-sides, the songs th at people do not buy the CD for, are also a culmination of an artists hard work. B-sides make an album good or bad, and consumers scarce do not download B-sides. I fear that buying an constitutional album will become more rare as these new programs emerge that allow consumers to buy one song at a time, but the album will prevail. Newspapers and Magazines are now available online, but they still appear for retail in stores and by offline subscriptions. Online music acquire shows no signs of dropping, and the consumers show no sign of listening to less music. The industry just has to take the initiative to make the music more kind to music listeners at a fairer price.