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Watch, ‘The music industry and the digital revolution,’ by The Economist and answer the following questions.

The music industry is changing fast and traditional models of music ownership & production are changing fast too.

Questions:

  1. Who owns the music in a traditional record deal?

The record company

  1. How many major labels are there and what percentage of western music do they own?

Universal music group, Sony music entertainment, Warner Music group -  100% of it

  1. Which is the biggest label?

Universal

  1. According to Nick Raphael (Capitol Records) is the most important job of a record label?

Looking for new talent to promote

  1. Why do artists feel that traditional music contracts are unfair?

The artists didn’t have a choice because the music company would own their songs, they would invest in them and not care for the artists career anymore, favouritsm towards the bigger artists. The artists didn’t have a choice because they were now signed to the contract.

  1. What did Radiohead do that disrupted the music industry once they were released from their contract with EMI?

They released their own album regardless of money, they let the fans pay whatever they want for it

  1. What does Kobalt do for well known artists such as Snow Patrol?

Tells them what they’re earning, helps them earn more and quicker, and help them handle billions of transactions so they get the most money out of it, biggest reward possible. Monitors every digital download of their own songs, advanced software allows them to see more income on songs through kobalt.

  1. What services is it now offering new and upcoming artists?

It is offering services to help artists record and distribute their music, similar to a record company. Lets the artist retain the rights to the music unlike a record company, yet the artist has to pay to use the services.

  1. What is the major label’s best defense against Kobalt?

They have proven track record

  1. Why is the major labels’ back catalogue so important?

They have services in management and accountancing to help the amount of money they generate, for Sony,  back catalogue creates the flow of cash which enables them to invest in new young artists.

  1. How are new artists now emerging without the help of a record label?

Using social media to promote themselves

  1. In what way are fans powerful in promoting artists?

They can spread the message and share posts to reach a larger audience

  1. How is the record contract signed by Jacob Whiteside & BMG different from traditional deals?

It is different to traditional deals because he built his fan base himself, he doesn’t need a deal he made his own money from touring and BMG promote him for fame rather than money.