What is Obama’s Plans for Music Industry?
Behind all the glitter and glamour everything that shines is not gold. The music industry is catching pure hell, even the biggest named artist are not necessarily getting royal treatment. As the monster of entertainment Clear Channel Communications suffered $5 Billion in forth quarter losses due to major chances in asset valuation, such as licenses and other permits. So not only did Janet Jackson tour in Japan get affected by the economy. As huge names like Prince is doing it independently.
EMI lost about $200 Million in its first half of the financial year as the music business shows few signs of recovery. Sony experienced a 22% decrease in revenue. I mean everyone is hurting now. Take Atlantic Records they say digital downloads surpassed CD sales, yet statistics claim 95% of downloaded digital music in 2008 was illegal. It is predicted that digital sales will surpass music CD’s sales by 2012 across the board. Meanwhile blank CD’s is still doing well. What is the solution? Sadly I must say this but the only solution is a music tax, because the computer age turned the normally honest into the dishonest, and the music industry is being raped.
There has to be a music tax that is distributed in the same fashion as royalties, based on a percentage of the market share of a given artist or the music industry will soon be history and the American way changed in a negative way. Balling at the Presidential inauguration was a good thing but let us get down to business and make the music industry a part of the economic recovery plan. Because people probably listen to music more than ever, we just do not pay for it anymore. Mr. President we are depending on you.