By Claire West
This week’s Observer asks whether “the bell is tolling for the recorded music industry?” following a decision by British band Radiohead to release their next album from their website.
Even more radical and disruptive to current business models is that the group is asking fans to decide how much to pay for ‘In Rainbows’.
A spokesman for Radiohead says: ‘As you might imagine, offers are ranging from nothing to more than you might pay for a CD in the shops.’
The Observer goes on to say that “In part, Radiohead are asking: how much do you value us? But implicitly, they are also questioning how much people are prepared to pay to download music over the net. It’s a question that music companies have been grappling with ever since the file-sharing site Napster was closed in 2001“.
This is just another way that the Internet is changing the way we do business.
To find out how you can adapt your business and profit from what is being called ‘Business 3.0’ attend the Fresh Business Thinking Internet Marketing Masterclass and hear from speakers such as;
• Kate Burns, former Managing Director of Google UK
• Mike Butcher described as ‘One of the 100 Innovators of the UK Internet Decade’.
The Observer points out that “Once again, the economics of the music industry is being turned on its head as artists take matters into their own hands. Haven’t we already seen Prince sell 3m copies of his new album via a deal with the Mail on Sunday during the summer? Lily Allen, Arctic Monkeys and countless others have launched themselves via email or social networking sites such as MySpace.”