AS WE SEE IT
Start Making Sense Record-business profits peaked 20 years ago, just before Napster and other file-sharing sites turned their world upside down. There have been occasional surges, but the future of the Compact Disc looks bleak, and while income from downloaded fles is still climbing, the shift of profitability from à la carte music sales to unlimited streaming on demand seems inevitable. The realignment is already underway—the vast majority of today’s music listeners, young and old, haven’t bought a CD, fle, or LP in years. It pains me to admit it, but after hearing, at the 2014 Midem music exhibition, a presentation by Marc Geiger, of William Morris Endeavors, I was convinced that music-streaming companies are poised to reboot the industry. If Geiger’s predictions are accurate, the music business will be more…