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What Can Your Business Learn From the Astonishing Changes in the Music Industry?
I have fond memories of sifting through the records and cassettes on Friday nights in the giant Tower Record store on Sunrise Blvd in Fort Lauderdale
I have just finished reading Madonna’s biography, which, as always when I read a bio, sent me down various rabbit holes. One was the rapid disintegration of the music industry’s traditional income model. It is a cautionary study for any business leader in the effects of rapid change, adaption, or death.
The music industry has undergone monumental shifts since the 1980s, primarily due to technological advancements, evolving consumer behaviors, and innovative business models. These changes have redefined how music is produced, distributed, and monetized, profoundly impacting artists, labels, and the ecosystem. The emergence of digital technology exemplifies this transformation, the rise of streaming, the strategic adaptations of iconic artists like Madonna and David Bowie, and the potential future impacts of artificial intelligence (AI).
