The Music Industry is floundering and I had an interesting thought as to what might bring it back to prominence in America. An independent study of interns at Columbia Records found that most people opt to illegally download music online (however they don’t feel it’s illegal) and also that when they don’t downloaded it they end up buying it from music services like iTunes.
Big time music companies ought to look at the recent success of Television and Movie power, Netflix. Netflix has made it easier than ever to be entertained by television and movies without ever having to leave your house. Competitors like Hulu Plus offer the advantage of allowing subscribers to watch their favorite show the day after it airs while Netflixers have to wait months for new episodes to appear. However Netflix has found surprising success at producing their own original television shows.
I believe if major record companies decided to change how the operate they could save themselves and even make massive profits. Imagine being able to pay a small monthly fee of lets say $5 to a service that entitled you to free downloads of not only new music releases but the entire back catalogue of different companies albums. They could even develop a device like an iPod to sell to consumers that would give them unlimited access anywhere they go to massive amounts of music media. Just a thought.