But to what detriment does this have upon the record labels and industry as a whole? The strong revenue model once evident in the music industry has begun to collapse on itself as a result of the digitization of its greatest produce, the music itself. The effect of the emergence of digital platforms upon record sales is evident in statistics produced by various market research organizations. Digital music piracy has caused the music industries revenue to drop for the tenth year in a row, and, according to IFPI research, despite an increase in online digital sales of 940%, the last five years have seen a drop in the entire music industries value by 30%. Although some anti-capitalists may celebrate the demise of such major record labels as EMI, Universal and Sony their will undoubtedly be far more drastic consequences felt by music lovers worldwide.
As a direct result of the downfall of the music industry, record labels have had to make cutbacks to compensate the loss of earnings. Although some independent labels continue to advocate the talent of innovative, gifted musicians and artists, the larger labels fail to see the importance of signing new acts and concentrate their efforts on successful established artists. Once rife with innovative, fresh music the industry has now been forced to close its doors to aspiring musicians and artists. Although this unfortunate truth has undoubtedly undermined the talent of many individuals as they struggle to gain recognition, it has forced many unestablished musicians to challenge their own resources and attempt to succeed in the music industry without the aid of record label executives.
By no means is the DIY attitude a new concept, emerging during the rise of the punk movement in the 1970’s, the do-it-yourself ethic, employed by the youth and progressed by advocates such as David Ferguson, propelled the punk music scene into the foreground and caught the attention of the music world. The DIY band seems to be making a comeback within the ever-narrowing restrictions of music production and with great triumph. For example, St. Albans disco-punk trio Friendly Fires, who after funding and recording their self-entitled debut album off their own backs, were signed to independent label XL Recordings and nominated for two awards at the 2010 Brit Awards ceremony. Receiving national radio air time whilst still an unsigned act may have seemed a tall order five years ago, but is now becoming much more commonplace. The advent and accessibility of technology is allowing talented musicians to produce studio-quality music at a fraction of the price, without interference and with a good measure of determination the possibilities are limitless. After all, compensating their artistic integrity for record label interest shouldn’t be found in any true artists list of priorities.
Although the music industry will inevitably encounter turbulent times in the coming years, the future of the music itself appears to be brighter. Technological advances have affected the methods in which we listen to music, with a direct result on record sales and to the detriment of the large labels. However, a similar rise in music production technology allows talented musicians and artists to produce their own music, untainted by label bosses, and distribute it to music lovers worldwide. It must be recognized that the music industry will find alternative methods to deal with financial hardship, but keeping our musical heritage alive is of far more significance.
