As several people have pointed out, what is the purpose for a record industry in the first place. Traditionally, they have manufactured, distributed, and promoted records. Well, mp3 s really don t need to manufactured.
Distribution is often free now (which the industry dropped the ball on). Now, the only function the industry has is to promote the music. In the past, major record companies have come up with all sorts of monopolistic and illegal ways to dominate the airwaves (just read Fredrick Dannen s wonderful book).
This should be harder to do now (thanks Spitzer!), but because radio ownership has now been monopolized, there are far less traditional outlets for publicizing new music (even MTV barely plays music anymore). So, consumers are faced with two choices: listen to dreadful corporate radio (or other traditional mediums) or go to the internet.
When one goes to the internet, one finds much better information about what music is new and exciting NOW (not what some industry exec thinks is going to be a hit). Websites like Pitchfork have now outshined traditional magazines such as Rolling Stone and are THE new taste makers. You wonder why The Arcade Fire, The Shins, etc.
. can top the Billboard 100? The internet, pure and simple.
Only when bands have skipped out on the system entirely, have people begun to notice this. The success of Clap Your Hands Say Yeah, was made possible by blog hype. They never even had an indie record contract (they printed the CD s themselves), yet easily went gold.
In this era of consolidated and poor quality traditional music outlets, the internet was bound to take over, and the industry just can t keep up.
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