2005 is finally over and it was an eventful one for the music industry. CD sales were down, downloads were up but not by enough. New technologies offered increasing promise for music discovery and distribution, but it also caused great harm with DRM and the Sony rootkit mess. Elliot Spitzer changed the radio promo landscape forever and may not be done with the music industry yet.
Most of us know the big industry stories of 2005 all to well, but Hits Magazine online did a particularly good job of looking behind the scenes of 2005's industry events and hinting what might happen in 2005.
2005—ANOTHER ONE BITES THE DUST: The music industry lost ground again in 2005, with year-to-date sales off around 10%. Nonetheless, for some it was a decent year and for a handful it was cause for celebration. Here are the major plotlines of 2005…
Hypebot predicts more shakeouts and consolidation in 2006 as the last of the old school get put out to pasture. Technology will continue to level the indie/major playing field with internet and satellite radio along with web communities like MySpace and more niche players becoming the places that new bands are broken. The best of these bands will strive for and begin to achieve longer careers albeit at a lower level. The live scene will continue to struggle with pricing issues and consumer satisfaction; and adult music buyers will increasingly be seen as a potential savior of the industry.
Onward to a fascinating 2006!