A favorite prof at Wharton discusses ITunes. Long been interested in how the music industry has been changed by tech.
Game-changer to Digital Dustbin: Why iTunes Is Shutting Down
Wharton's Peter Fader and UT-Arlington's David Arditi discuss why Apple is shutting down iTunes.
[Podcast] and transcript ....
If video killed the radio star, as the old song goes, then iTunes killed the record industry. Now, 18 years after Apple launched the music download store, the company announced that iTunes is shutting down.
During its Worldwide Developers Conference this week in San Jose, California, Apple announced iTunes will no longer exist as a digital jukebox but will be reformed into three separate apps for music, television and podcasts. While the change has been a long time coming — sales of digital music downloads have dropped for six straight years, according to the Recording Industry Association of America — it marks a significant shift in the company’s business model and in the kind of consumer behavior that Apple helped shape when it first opened the digital store in 2001. Music lovers were no longer bound to the full purchase of an album that was packaged and sold by a record label; they were free to buy single songs for 99 cents, which ushered in a new era of pick-and-choose consumption.
“iTunes is a cancer for the music industry. This was obvious 15 years ago … Good thing it will finally go away,” Wharton marketing professor Peter Fader wrote on Twitter. When Knowledge@Wharton asked him to explain his tweet on the K@W radio show on SiriusXM, Fader didn’t mince words. (Listen to the podcast at the top of this page.) ... "
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