Tuesday, October 16, 2007

Radiohead Update

It's already been reported that Radiohead's new album, In Rainbows, has sold approximately 1.2 million copies. Gigwise speculates that the average price paid has been about £1; however, an internet survey conducted by music industry newsletter Record of the Day found that the average price paid has been about £4, according to an article by The Times.

This means that Radiohead has made between $2.4 million and $9.6 million of pure profit on this album. There's no record label or contract that splits up the revenue.

So when will some other major label acts follow in Radiohead's footsteps? Can you imagine a world in which the cash cow artists that record labels depend upon abandon the labels -- a world in which the capitalism is taken out of the art?

I'm looking forward to see how this story unfolds.

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