With EMI’s financial woes back in the news, the pundits are once again wondering aloud whether we need record labels at all.
This provocative article was published in Friday’s edition of the Independent in the UK:
“Record companies. Who needs 'em? Well, if you believe a report released this week, every would-be musician currently sitting in their bedrooms with their eye on the big time does. The International Federation of the Phonographic Industry (IFPI) says it wants to counter the "myth" that new artists can make it on their own in the age of the internet. In its report it says that no new artists have broken through without a label behind them. Even those, such as Lily Allen or Sandi Thom, who claim to have made their names through MySpace pages, did so with the silent backing of a label.
“If this smacks of record companies trying to justify their existence, you can hardly blame them. For years record labels have been told that their days are numbered. New technology has marked a shift in how music is sold and made it possible for the self-determining artist to make and distribute music on their own terms and independently of the major corporations. And this week Charlotte Church abandoned record labels in favour of a new business model when she signed a £2million deal with an investment company. But there's more to making it in the music business than recording an album and releasing it. So let's look at exactly what record companies have to offer the aspiring musician.”
Read the rest of the story here.