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Getting word that someone you’ve known for a long time is sick is always bad news. Finding out that they’re dying is even worse. The worst, however, is when the person who tells you all of this is a person you hardly ever talk to anymore. Such is the case with this article in Rolling Stone magazine which graphs and charts the death report we already knew was coming — the major label system.
The major labels are struggling to reinvent their business models, even as some wonder whether it’s too late. “The record business is over,” says music attorney Peter Paterno, who represents Metallica and Dr. Dre. “The labels have wonderful assets — they just can’t make any money off them.” One senior music-industry source who requested anonymity went further: “Here we have a business that’s dying. There won’t be any major labels pretty soon.”
This 2-part series is both an interesting and worthwhile read that tells us how things got to where they are.
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