The music industry, in its current form, is dying a slow death, according to the former manager of seminal acts The Clash and Pink Floyd.
Peter Jenner, in a report published by independent research group MusicTank, said that the music industry must "change or die". Jenner claimed that the industry is failing to stay in touch with emerging technologies.The Guardian newspaper reported Jenner as saying, "Rapid, consistent and complex change has enveloped the global music industry over the past seven years." He went on, "The possibility of the era of mass markets turning into an era of masses of niche markets is very real and exciting, with huge implications for the structures of the industry."
With music downloads and community sites creating a new discourse in music consumption, music labels are seen to be gradually losing control of their influence over musicians. Unsigned artists will soon be able to sell their music directly on the Internet through the Murdoch-owned MySpace, a trend likely to be followed by other music sites.
