Is the music industry in trouble? Is it likely to bounce back?

Question by Rockstar: Is the music industry in trouble? Is it likely to bounce back?
I’m in the process of starting my own entertainment management company and would like to eventually own/establish my own record label and studio. Since this is a big dream that I have, I wonder if it’s a profitable business to go into since there is limewire and all of these ways for people to obtain music and avoid paying for it. Is the music industry really in trouble?

Best answer:

Answer by Music Consultant
Yes, the music industry is ABSOLUTELY in trouble. The part that is the worst hit so far is the sale of recorded music because of rampant piracy. 95% of all of the music consumed online is done so without any compensation going to the artists, labels or publishers who released them. There are also tons of very talented executives who have years and years of experience who are unable to get jobs so it is very tough to compete with them.

Limewire by the way is not the biggest problem – bit torrent, rapidshare – there are tons of ways to get music illegally.

I’m not saying that you shouldn’t go into music but I would reconsider the Studio and Record Label route – those two types of businesses have been hit very badly.

It may bounce back… but no one has figured out how yet. Truthfully though I don’t think it will ever be as lucrative or as big as it once was.

The links below should help – please check them out if this was helpful.

Good luck!

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