With Warner Music Group’s recent revealing of a 14.9% quarterly drop in publishing revenues, it leads me to believe that the music industry as a whole is going to hell in a hand basket. It’s been that my assumption that file sharing has led to the obvious decrease in tangible sales, but now with this statistic, it makes me realize so much more is affected than I had thought. Due to this unfortunate news and the recent takeover of EMI by Citigroup, talks of splitting and combining publishing assets of both WMG and EMI are well under way.
What a headache.
In other news, here’s a good song to get my mind off of the deteriorating music biz.
Foster the People.