Is there a future for famous record labels?

It's no secret that the music industry has made a not-so-successful transition to the digital era.

Sales are falling, the use of peer-to-peer networks has become commonplace, and many new artists use the Internet as a platform for promotion.
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With the advent of the MySpace Music service, three major record labels - Sony BMG, Universal Music Group and Warner Music Group are hoping to strike back on technological innovations and network services that have shaken their market position.

But how far are these studios able to go for the return of those times when they owned the lion’s share of this market, making a corresponding profit?

A well-known figure in the music industry, Bob Lefsetz, was skeptical about the prospects for record companies.

“Radio on demand (on demand), in any home, in front of a computer - this is MySpace. This is not an alternative to owning what you want, about having to go to the beach or go to a party and practice, ”he said, comparing the new initiative with Apple iTunes or iPod.

Lefsetz believes that record companies should come to terms with current developments until they have a new business model.

Moses Avalon, a well-known advocate for musicians' copyright, a teacher and industry analyst, was more positive about MySpace Music and the future of the recording industry.

At the same time, a specialist in the music industry, Andrew Dabber, believes that the future of this industry is changeable and there is no clearly established model for the future of the recording industry.

And now we want you to think about it yourself.

Express your point of view about the future of the music industry. Maybe you have a business model, which should adhere to well-known labels for successful competition in the market?

Or does this industry have no future at all?

Source: CNN
Translation: LMW