Are we looking at the end of the music industry? According to Radiohead front man, Thom Yorke, the time is nigh.
In an interview, he warns young musicians not to tie themselves to an industry that will collapse. He says it's "only a matter of time – months rather than years – before the music business establishment completely folds."
True, the interview was given for a school text book, not the media. But it's significant in that Radiohead, who had previously been signed to EMI, broke new ground when they offered a "pay what you want" system for the digital release of 'In Rainbows' in 2007.
Tom McGregor at the Dallas blog agrees. "For decades, major labels raked in billions of dollars from the music industry. now, the tide is turning and major labels appear on the brink of financial collapse. The music industry failed to embrace the Internet and now it's paying the price for the poor business decision."
But Mike Conklin at L Magazine accuses Yorke of making a "big dumb overstatement." As he says, artists can go to independent labels that won't screw them over.
Maybe, but the bigger question is where do the artists go. If the music industry is dying and if there are a limited number of independent labels, what can an artist do?
Unfortunately, Yorke doesn't offer any suggestions.
no comment untill now