during nct lessons last week, there were 2 presentations. one about the future of books, by dexter’s group, and one on the future of the music industry, by my own group.
throughout the presentations, i realised that there was a similar trend in both books and the music industry.
first of all, both industries were moving towards a digital world. more books are now available in a digital format (e-books) and for the music industry, CD sales were going down while the sales on digital music stores were going up up up.
this spells danger for the book publishers and record companies. why? because people can get everything for free on the web. this may possibly affect sales of physical books drastically in the future, like how the music industry has seen the sales of CDs fall.
already in the music industry, artists like radiohead, lily allen and esmee denters, have fully harnessed the power of social media to their own benefit. they are showing that artistes can do without the record companies and still make themselves famous. they are the pioneers, and these are still relatively early days.
so will there be a need for publishing and record companies in the future?
it certainly looks bleak, for both industries. this just shows that technology is progressing so rapidly that you just have to catch up and stay in touch. or you too will become obsolete.