MySpace.com Taking Over Record Company Role
Record companies will need to change their ways quickly. First the record companies were slow to catch on to the internet in regard to downloading music. They are now creating online revenue from legal music downloads thanks to iTunes, Rhapsody, and Yahoo! online music sites. Now another challenge for record companies is in the marketing of music artists online. Sites like MySpace are taking on the role of the record companies in marketing new music artists. MySpace is a social network that specializes in music. Here is what Wired has to say about MySpace:
“What they have is MySpace, a community Web site that converts electronic word of mouth into the hottest marketing strategy since the advent of MTV. Massively popular, MySpace is nominally a social networking site like Friendster, but nearly 400,000 of the site’s roughly 30 million user pages belong to bands. The rest belong mostly to teens and twentysomethings who attend the groups’ shows, download their songs, read their blogs, send them fan mail, and enthusiastically spread the word. ”
Read Wired posting, Wired 13.11: The Hit Factory, for more information on how MySpace is transforming the record company business.
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