Changing Working Practices in the Music Industry Essay

Changing Working Practices in the Music Industry - Essay Example 1 such case in point is the deal between the personality book company EMI and singing angiotensin converting enzyme Robbie Williams. The $80 million deal which was signed in 2002 allowed the record company to share the profits during his reality tours and his merchandising profits. According to a music business consultant, in the year 2010 the sale of albums will conduce only 30% of the total profits, whereas the other 70% would comprise of merchandise sales as comfortably as sales from musical tours. Keith Negus (1999, p.22) comments While portable CD players, Walkmans and car stereos have made enter music increasingly mobile, the products of the film patience must still be watched in the cinema or at home on a video machine.Four of the major record companies in the gentleman are Warner Music, Sony/BMG, common and EMI. For a long time, they had monopolized the music industry but now the trend seems to be chan ging. On such example is the band Enter Shikari, which has released their debut album under its own record label. Many such examples abound in the music industry, and this is making the major record companies see red. EMI and Universal has already started to retrench, EMI having laid-off almost half of its employees. Keith Negus (1999, p.15) states That the major entertainment corporations are continually seeking to control and thus maximize their profits from cultural production is a point that has been repeatedly emphasized by political economists. The only glimmer of hope of the major record companies is the potential of earning profits from the burgeoning net transfer market. Some experts believe that record companies tying up with major download sites will help the record companies to stay in the profit books for a longer time. Its clear now where the music industry is drifting to. According to the American music industry trade body RIAA, the number of paid downloads from in ternet sites is on