The music
industry has finally worked out how to make money online with music sales up
for the first time since 1999.
For more
than a decade the music industry has blamed piracy for pinching its profits but
now online sales and music streaming services are supporting the industry's
growth.
Much of
that growth has come from a partnership with digital services like YouTube and
Twitter as the industry works out the best way to link with its customers.
Topping
the global music charts were Carly Rae Jepsen with "Call Me Maybe",
Australia's Gotye's with " Somebody That I Used To Know"' and Korean
rapper Psy with "Gangnam Style"
Piracy is
still an issue for the music industry but cheaper and more accessible ways of
getting your music is helping to turn the tide.
Let's hope the experience of the music industry has parallels in retailing generally and that all we need to turn things around is to find better ways of engaging with our customers.
Let's hope the experience of the music industry has parallels in retailing generally and that all we need to turn things around is to find better ways of engaging with our customers.