BOOK/MAGAZINE: The Recording Industry, on the Ropes

WHEN I started covering the music industry for Fortune nearly a decade ago, I often heard people gleefully predict that the demise of the big record companies was just around the corner. Thanks to the Internet, my label-hating sources predicted, bands would be able to bond directly with their fans online, bypassing greedy record labels intent on cheapening the product. Supposedly, the results would be less crassly commercial music from acts like New Kids on the Block and more wondrous sounds ...

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