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Author Topic: Requiem for the Record Store
Babbler # 2764

posted 08 February 2004 01:32 AM      Profile for Snuckles   Author's Homepage        Edit/Delete Post  Reply With Quote 
As pop's superstars strut down the red carpet in Los Angeles tomorrow night for the Grammy Awards, there's something close to panic in the retail trenches of the music business. The record store is in serious trouble. Sales have been hammered by Internet piracy as well as competition from big-box retailers, such as Best Buy and Wal-Mart, which are two of the nation's leading music vendors. Online CD stores, such as, are gaining momentum, too -- 3 percent of the market in the most recent survey by the Recording Industry Association of America, up from zero eight years ago.

Now a new threat looms. The market for legally downloadable music is tiny today, but the success of Apple's iTunes online music store and the rush of rival services to the marketplace is expected to gobble up an ever-larger share of the pop music pie. A recent study by Forrester Research, which examines technology trends, predicts that in five years fully one-third of all music will be delivered through modems, and the CD itself will be passe, if not obsolete, in the years after. This isn't necessarily bad news for the record labels, but it could be lethal for brick-and-mortar stores.

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From: Hell | Registered: Jun 2002  |  IP: Logged
Babbler # 3214

posted 08 February 2004 02:55 AM      Profile for drgoodword   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
I think music stores (aside from those selling vintage vinyl--a separate market) are indeed going the way of the dodo. The technology to buy and enjoy downloads makes online music shopping just too convenient to support significant offline retail patronage.

You can probably also add video stores to the retail endangered species list, and I think bookstores and magazine stands will follow once a broadly appealling viewer is developed.

Digital content (music, movies, books, etc) is something that can be fully considered online without having to go to a store to "see it" or "touch it." Online shopping has a clear advantage in this sector.

From: Toronto | Registered: Oct 2002  |  IP: Logged

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