Living Album

The record labels have had to seriously rethink their business. Any company would need to be seriously reconsidering their business plan if their main product was experiencing annual sales declines in the double digits. The record labels used to have a pretty surefire moneymaker in the album. But those days are gone.

So, what will the record labels do with their core business? They usually don’t have the corporate structure to initiate 360 deals with artists. So, how can they capitalize on a product with double digit declines? One idea being seriously discussed is the concept of the living album. The idea is that the labels take the album experience to the next level. A living album would include the music, but would create an interactive experience around that music that would have

Other discussions are focusing on new ways to sell music. One way is to sell streaming music plans. Users would have access to an entire music company’s library for a monthly price. Other ideas are ad-supported plans and cloud-based services. Problem is that most of these ideas have been tried on a limited basis and have not taken off according to expectations.

Stay tuned,
Erik
erikrostad.com