Adam, Adam, and Mike tried to warn the record companies ~30 years ago.
The only people who need record companies are the artists TO HELP PROMOTE THEIR BANDS. Albums help sell tickets to shows, which is where musicians make their money. But now that the shoe is on the other foot, where bands can start their own labels, work directly with studios, and can cut the big name producers out of their equation. There is no need for a middleman anymore.
Technology helped too. Thanks to the iPod eventually becoming big enough to hold entire PERSONAL libraries of music, why do you need to listen to SOMEONE ELSEâ(TM)S collection?
Need recommendations for new music? Ask a friend.
And the whole Napster fiasco? It showed record companies only cared about their bottom lines. Music, and making albums, adds to their wealth, so they can sign more bands and make more recordings increase their IP catalog. Once the albums are stamped, theyâ(TM)ll license their productions out where they can make their bucks.
Who needs record companies? Investors, and thatâ(TM)s itâ¦