Friday 1 March 2013

Recorded Music Back Into Profit

The music industry has finally worked out how to make money online with music sales up for the first time since 1999.
For more than a decade the music industry has blamed piracy for pinching its profits but now online sales and music streaming services are supporting the industry's growth.
Much of that growth has come from a partnership with digital services like YouTube and Twitter as the industry works out the best way to link with its customers.
Topping the global music charts were Carly Rae Jepsen with "Call Me Maybe", Australia's Gotye's with " Somebody That I Used To Know"' and Korean rapper Psy with "Gangnam Style"
Piracy is still an issue for the music industry but cheaper and more accessible ways of getting your music is helping to turn the tide.
Let's hope the experience of the music industry has parallels in retailing generally and that all we need to turn things around is to find better ways of engaging with our customers.