While I’m on economics: the recorded music business is monopolistic: it’s a cartel. There are three huge corporations dominating the market. That’s a cartel, that isn’t a free market and only bad things come out of cartels and monopolies (like the BBC): bad stuff. Because, as even Marx explains, no-one owns it, so no-one cares, all they want is the profit (in the case of the BBC, the inflated salaries).
Even the energy cartel up to recently had 6 players: but that’s still a cartel. Now they’ve started to break it apart and you’re getting cheaper fuel.
Break up the power of the 3 record majors and you’ll get better music (instead of toothpaste)…through greater diversity.
Anyone should know how cartels work and the record business is a cartel.
Arthouserecords.co.uk, of which I am very proud – never mind the music – is private capital. It is virtually impossible to compete with the publicly-financed majors without selling-out to them, but, as we’ve just seen with James Taylor et al, they don’t feel the need to pay you when you do (as such; “it seemed like a good idea at the time”). Because it’s tough to sue them: so they do what they like. They just don’t care.
So at least I control what is mine. If you sell out to the stock companies, it becomes the property of the shareholders etc. and they don’t care.
That’s why I think SMEs, like it was before 1985, the small record companies, produced better music overall…diversity…