The music industry could lose £2.5 billion of revenue because of the pending recession, or so says publishing collecting society MCPS-PRS who have used a time machine to go into the future and see what impact economic instability will have of music firms. Oh no, hang on, it's based on some kind of research.
Those parts of the industry involved in direct to consumer activity - like CD sales, merchandising and gig tickets - will be worst hit, apparently, according to Music Week's report on the research. Those music firms in the business of licensing will fare better - though presumably that theory assumes that the mega-congloms that licence music for their media services and adverts and the like won't all go under, which is possibly a rash assumption - recent events show that not just little companies can collapse as a result of recession.
The publication of 'The 'R' Words: Recession And Royalties' report by MCPS-PRS has prompted Music Week to ask the question "Is the music industry well placed to survive a recession?" in its weekly reader survey. As I write 82.4% say no, which seems a little pessimistic. Times may well be hard in the coming year, and smaller firms may go under, which will be sad. But if the music industry at large is unable to survive the recession - well, that's gonna be quite a recession.