There was no bubble.. just a market whose time has come and gone, much like the fabled buggy-whip.
The record industry (as opposed to the music industry) was a 20th century anomaly. Prior to the invention of the gramophone, music was largely a participatory affair.. singing to pass the time while working, to celebrate at a social function, to amuse and entertain friends and family and to pass on folklore from generation to generation.
The record as a social object and the idolatry of the rock star were temporary aberations.
The live performance end of the music industry will likely survive, but once all the big stars of the last few decades die off, even that will likely shrink dramatically in size.
The record industry (as opposed to the music industry) was a 20th century anomaly. Prior to the invention of the gramophone, music was largely a participatory affair.. singing to pass the time while working, to celebrate at a social function, to amuse and entertain friends and family and to pass on folklore from generation to generation.
The record as a social object and the idolatry of the rock star were temporary aberations.
The live performance end of the music industry will likely survive, but once all the big stars of the last few decades die off, even that will likely shrink dramatically in size.