Apple + iTunes = Record Label?
What are four letters, that when given as an acronym, bring up scathing emotion in most everyone? RIAA! If it doesn’t bring up scathing emotions in you, check out their recent headlines to see what kind of organization it is. I know only a few companies that punish their customers [1], and get away with it [2]… and all but the RIAA is either a monopoly, or a public utility (monopolies in their own right).
[1] The judgment, now being appealed, was for $222,000 ($9,250 per song).
[2] Thomas is among 20,000 people the RIAA has sued, and was the first to go to trial.
The problem is that they’re holding on to an outdated business model. Gone are the days when one would sample a song on the radio, then purchase the record for personal use. Now there many ways to get introduced to an artist, and just as many ways to contribute financially to their success. Instead of adapting, they’re retaliating.
Enter iTunes Music Store. iTMS is the most popular platform for online, digital music sales. Songs for a buck. Since iTMS has entered the scene, the iTMS has sold over 3 billion songs. iTMS still makes some of the big players nervous, and has also been one of the leaders in DRM free music.
Hold on, I’m making a fast turn: I believe that Apple should become a record label.
Apple already has a distribution platform in iTunes and the iTMS. Apple also has production software in Apple Logic Studio
This would be perfect for up-and-coming artists. For every kid that becomes a rock star; how many hundreds, or thousands, never got the chance? If Apple only took the runner-up, that the current record labels discarded, they would double a multibillion dollar market.
More importantly, how many very talented musicians are out there that don’t have a career in music? Tons! They’ve got jobs, families, responsibilities, mortgages, et-cetera, et-cetera, et-cetera. And when they want to “get away”, they go in the attic or basement or garage and play some music. I know several of them personally. They’re not going to duck out of their responsibilities, on the off-chance that they may strike it big. But if they could record/edit in Logic Studio
What about quality content? If anyone can be a signed musician, then who will decide what music is good, and what music is crap? Duh! The consumers. Record Labels have no clue what quality music is anymore, they’re too busy suing their customers. However, there is a type of media around today, where anyone can post content, good or bad, and the consumers determine which is quality content, and which is crap. Podcasts! When someone goes to the Podcast section of the iTMS, it is flooded with high quality content. This person would have to do some digging to get to the crappy content. Who made such a system? Apple, of course.
Profit Central! We’re talking about a 100% profit, split between the artist and Apple. Currently Apple sends much of the $.99 per song back to the record label, and the label hands a small stipend back to the artist. Apple wouldn’t have to shell out for things like the other record labels. No need buying equipment, backup singers, studio time, busses, etc. These are the grass roots type. They’ve already invested in a Mac with Logic Studio
Now, by becoming a record label, Apple runs a high risk of alienating the other record labels that currently sell their music on iTMS. iTMS cannot live without music to sell. But those record labels would also lose their source of digital music distribution. Right now, the record labels are courting iTMS for the coveted spots on home pages and the New Music Tuesdays email. That could all change if Apple went from vendor to competitor.
On the legal front: Apple Inc. just changed their name from Apple Computer, and they recently came to an agreement with Apple Corp. This is no little thing, in and of itself. Apple Corp has been fighting Apple Inc. since the 80’s. Now, all of the sudden, in 2007, Apple Corp gives up all of it’s rights to Apple Inc. to have some of those rights “leased” back to Apple Corp [3]. This completely frees Apple Inc. up to be a record label.
Perhaps they’re already planning what I’m recommending. 
What do you all think?
Posted in Uncategorized | 57 Comments »
November 24th, 2007 at 2:00 pm
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