The first commercial media business to be devastated by the internet was the record industry. Since 1999 when the first MP3 file swapping site Napster appeared, album sales have plummeted 45% and the music industry has shrunk by one-third. How can the industry survive when illegal music downloads outnumber legal ones 19 to 1? In his new book Fortune’s Fool, industry expert Fred Goodman writes about the music industry’s fight for survival and how Edgar Bronfman, the controversial corporate magnate, may be its only savior. What's Bronfman's approach? Are there any viable models to monetize music? And, who should get the cash--how, and how much?
Guests:
Fred Goodman, author of Fortune’s Fool: Edgar Bronfman, Jr., Warner Music and an Industry in Crisis (Simon & Schuster)
Daniel Stein, Chairman and CEO, eMusic