After writing about the decline of the platinum album and my prediction of the future of music, I wondered what would it be like if the music industry crashed and people stopped buying music, attending concerts etc. due to over-saturation. Here is my theory.
Decline of the Record Label: I believe the biggest to be hit by the crash would be the record labels since they have the biggest stake in the industry. Labels will either close or focus their services on shows for revenue and create less CDs/Vinyls.
The Price of Physical Media will Rise: With the labels making less physical media the price of such media will rise. They may begin discontinuing content from older artists that don’t sell cause that artist physical to rise in price due scarcity (or decline in price depending on the artist’s obscurity)
The Revival of the Indie Scene: With the current vacuum created by the declining record labels this gives the independent artist a chance to fill the empty venues on the local level, but there’s one problem with that.
Artist Compensation: Due to the horrible state of sales, Label bound artist will cause a lot more than they used to book.This will translate to the ticket prices and will cause the venues to eventually lose money so they will seek lesser known independent artists, BUT the indie artist may be payed scraps based on said artist’s popularity and performance ability.
There goes my ideas about “if the music industry crashed” What do you think about them? Accurate or absurd? Leave a comment on what you think.