February 09, 2004
Tower Records Files for Bankrupcy
Tower Records, one of the few stores here in NYC that would take contemporary CD's on consignment, has filed for Chapter 11. According to the company, "Digital downloading and file copying crimped sales and led to rising losses."
Another victim in the P2P wars, and one that was friendly at one point, to the eccentric musician/collector. Even worse for the scene is the fact that now, only people with computers will have access to musics beyond corporate approved mediocrity.
Posted by jeff at February 9, 2004 11:31 AM
I'm not buying the P2P excuse. How about crappy music and a bad economy.
I'm also not convinced about a lot of the P2P excuses companies use. I'd wager online mail-order companies have taken the business away from Tower's eclectic music regulars.
I honestly don't like buying much from Tower because the prices are normally pretty high, imho. It's getting pretty tough to find something at Tower that isn't available directly from massive online corps like Amazon, not to mention all of the distribution companies that seem so eager to sell that they open their doors to the average consumer and not just fill the shelves at specialty stores.
The argument the RIAA makes about P2P is pretty ridiculous. If P2P is hurting them, it's because people are finally able to find good music that isn't controlled by the major corporations in the RIAA. A lot of independent record labels have finally been able to become profitable without needing to sell-out to the MegaCorp for their funding.