Where did all the music go?

So piracy is killing the music majors we are told. Right ? Not so easy reports the economist:

"According to an internal study done by one of the majors, between two-thirds and three-quarters of the drop in sales in America had nothing to do with internet piracy. No-one knows how much weight to assign to each of the other explanations: rising physical CD piracy, shrinking retail space, competition from other media, and the quality of the music itself. But creativity doubtless plays an important part.

Judging the overall quality of the music being sold by the four major record labels is, of course, subjective. But there are some objective measures. A successful touring career of live performances is one indication that a singer or band has lasting talent. Another is how many albums an artist puts out. Many recent singers have toured less and have often faded quickly from sight.

Music bosses agree that the majors have a creative problem. Alain Levy, chairman and chief executive of EMI Music, told Billboard magazine this year that too many recent acts have been one-hit wonders and that the industry is not developing durable artists."

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