Friday, April 4, 2008
No doubt influenced by yesterday's post on this blog about the ailing music industry, the New York Times today reports on what it calls "the ailing music industry," which has now teamed up with MySpace to start a new music site. MySpace Music will now be a joint venture with Universal Music Group, Sony BMG Music Entertainment and Warner Music Group. According to the Times, "The music companies are expected to make their entire digital music catalogs available for listening and downloading on the new site, which will be introduced later this year."
Once again picking up on a theme articulated in yesterday's blog post, the Times notes that "the industry is seeking revenue that does not come directly from its customers, like the ad-supported element of the MySpace service." In other words, the ailing music industry is trying to make money through means other than music.
The article also reports that Apple, through its iTunes Store, has surpassed Wal-Mart as the nation's leading music retailer, which explains why Wal-Mart is pressuring the record labels to lower the prices of CDs.
By the way, don't be fooled by my Google Doppelgänger; I don't have a dog in the FaceBook/MySpace fight.