ThomasLitchford

According to this article the future of music is Prince. More broadly, the future of music is to give the music away.

The story is remarkable because Prince gave away actual copies of the compact disc identical to those available in record stores. Other artists who have given their music away have done so by allowing fans to download mp3s, which, they hope, will inspire those fans to later go out and purchase the cd.

What is the goal of Prince’s mass giveaway? Is it to win new fans? Is it to gain publicity/word-of-mouth?

I’ve heard that there’s no such thing as a good record deal. Artists complain that they don’t make enough from album sales’ royalties, and many artists earn the majority of their income from concert performances. It follows that the more people who hear and enjoy an artists music will be interested in seeing that artist perform. Ergo: Prince will be fine.

So who gets hurt? Record companies certainly get hurt because suddenly their raison d’etre (marketing and distributing music) ceases to exist. More cynically, mediocre artists also get hurt. They’ll still make music; they just won’t get paid for it.

The modern record industry has only existed in its present form since about the end of WWI, and it’s probably heading for a major shift, perhaps a collapse. The internet will at least partially take care of both marketing and distribution for artists. But will it make them any money?