EMI died today. The Company that started in 1895 and brought recorded music to the masses couldn't adapt to the digital era. When then CEO Ken Barry hired me to shepherd the label into the 21st century, I told him I'm not a music guy. Ken said, "We have 11,000 music guys, what we don't have is a future."
Under his leadership, we fought the good fight and tried every new business model we could think of: digital downloads, streaming, subscription, digital juke boxes, digital sheet music, digital background music, pre-loaded hardware, custom manufactured CDs, live concert recordings, webcasts, ringtones, OTA, etc. Some new ideas slowed the bleeding, but in the end the red ink flowed because physical dollars were replaced with digital dimes.
While Sony and Universal will make money on the vast publishing and recorded music catalogs, the lack of one more outlet for new artists reduces the number of artists who will be able to make a living from their art. In the end, music couldn't compete with technology for disposable income. Video games, tablets, and cell phones are the must have form of entertainment. Interestingly, people consume more hours of music today than any other time in history. They just don't pay for it.
I love 20th century music: The Beatles, Frank Sinatra, Pink Floyd, and Queen.... but I always thought there would be a new future for artists beyond TV contests and children. Long live rock and roll.
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