I have a friend who’s spent his entire career in the music business. Up until a few years ago, he headed A&R (the part of the company that finds new talent) for Atlantic Records, who were, and if the recording industry still “exists” in any meaningful format still are a big label.
Well, it doesn’t.
I’ve known this for quite a while. The old school media companies have been fighting it for over a decade. There have been hundreds if not thousands of articles written on the subject, and the short point is that the businesses these folks are in have changed. The Internet has hastened the change and record labels, television networks, and newspapers are in full and fast decline.