1/2 of The Smiling Buddhas: Our next album Latium will be vinyl!
For me two changes in music-industry strategy lead to big market-losses years before mp3: The end of mom & pop stores and more media, less content!
1* end of mom & pop stores
Ages before iTunes the Mom & Pop stores perfectly distributed and promoted new music to their customers. When I did civil service in a hospital the record store nearby had several medical doctors as customers. The shop owner knew very precise about their musical taste, budget and value. Medical doctors work app. 60 hours a week and have no time for music magazines and extended listeng sessions with friends. They needed consultation expertise and the mom & pops store provided it. The shop owner nearby the hosipital told me that she could make a living with her best 30 customers. They showed up at least once a month and it was her job to present at least 20 records of the favored genre. After 30 minutes 75% of the presented records had been sold. Mainly high priced boxes of the classical music genre. Best: She sold about 600 blues and 1000 jazz records every month. When did it change. With CD and chain stores. Some days before she closed the store she found time to tell me why she is closing her little but successful store. First: The distribution services of the major record companies closed their sales organization. Second: The chaines got a better price. Third: The streamlined their label rooster. And they could afford it. The new medium CD made it possible. Labels re-issued with and without contracts, production, storeing and distribution was cheaper. Bye bye big back-catalogue, bye bye niche products and worst for mom & pop stores: short cycle. And it worked so fine and easy for the record industry because of the CD. But not that long as we know.