Interesting story here. Here's some highlights:
"There's no evidence that MySpace can be the cornerstone of music industry success," warns Glenn Peoples, the editor of the music business blog Coolfer.com. "Same with YouTube. It's one thing to sign up friends and get people to watch your videos at no charge. It's another to navigate the worlds of digital and physical retail, publicity, promotion and marketing successfully, and then motivate consumers to actually purchase your music."
In Britain, the regulations changed earlier this year to allow chart entries on download sales alone, making it possible to have a hit with just some basic recording equipment and an internet connection.
Soon after, unsigned Colchester-based punk trio Koopa were catapulted into the UK top 40 with their song Blag, Steal and Borrow. It cost the band £120 to register their track at indiestore.com, an online platform where bands can sell their music.
In contrast, it costs a label at least £30,000 to distribute a physical single, and that's before one even gets to the six-figure marketing sums.
"Almost every musician's aim is still to get signed and sites such as MySpace are just a springboard to that. Arctic Monkeys and Lily Allen used such sites to build a fan base. All are now signed.''
Reports of the death of the major label have been exaggerated, it seems.
Read the full article here
[Resource http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/04/09/cnmusic09.xml]
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