Marketing Idea No. 91 – A lifeline for our aspiring band groups

In a recent groundbreaking move, Radiohead, the immensely popular rock group has decided to sell its new album “In Rainbows” exclusively through online. I repeat, no CDs. The cause behind the move is to allow the fans determine how much price they are willing to pay for each song / album, not the record labels. Also, not to mention, kick some record label executive’s butts.

We maybe witnessing the death of 3 things

1. The death of the middleman’s (record lables like Warner, EMI) overpowering role in music industry

2. Shift of pricing power from the hands of manufacturer to the hand of customer

3. Internet becoming a major distributional force

Such incident is neither new or isolated. The bands who have exercised such power before are Pearl Jam, Madonna, Nine Inch Nails and Prince.

Now here’s the result.

With an average pricing of $8 per album, Radiohead have sold 1 million albums through internet in 1 week.

I know that charging through Internet is yet not possible, but i am sure there are ways around. The aspiring bands of Bangladesh waiting around the corner who thought their fate lies in the hands of record labels, WHAT ARE YOU WAITING FOR?

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