Other than live performances, how do you see musicians making money going forward? The CD model, for all intents, is dead, as everyone is downloading. I don't even see the need for record labels anymore. Their main value was in distribution. Now, there's nothing to distribute. An artist can just record his music and post it on his webpage.
As an aside, Kings of Leon wouldn't want to follow this band in its prime.
First off, thin lizzy, have you seen "from a whisper to a scream: a history of irish music?" it is fantastic.
as for the industry, i think that radiohead showed that you don't need a label for distribution. Myspace/facebook/band web pages are all that is needed, because recording quality sounding music is unbelievably cheap these days. granted it might not have the crispness of a modern u2 album, if you can't get your basic idea across with basic recording equipment, you're in trouble (basic meaning pro tools, m-hardware, midi, decent mics. nirvana recorded all of in utero with a shure SM57 and got some great sounds. thats not expensive in the slightest, well, relatively). Digital download is the new distribution, and it makes perfect sense. Record companies are only necessary for the money aimed at advertising. yes, they buy those covers on rolling stone, blender, etc... they just don't word it like that. but i assure you, they pay for that "advertising." now, we see the resurgence of the indie scene in pop music because the record companies have learned that a "scene" advertises itself, via clothing, hairstyles, sound, and area. Portland gave us conner oberst/bright eyes, postal service, m. ward, and the decembrists. they all collaborated (on postal service), and they marketed themselves via their scene. Its brilliant, but it works. but anyway, the new music industry way to make money is this:
hit single or scene to latch on to/create (buzz)
digital download (distribution)
live show (money)
I wish there was more to it, but thats all it is anymore. I think that eventualy record companies will re-emerge as a power by offering songs for uber cheap (like 39 cents a song), and marketing the bands. Record companies will return to what they were initially: the street team.
again, this is all just my opinion. i could be dead wrong.