The madness of record labels

And I thought I was critical of the music industry. (Well, I am, in the sense that I think only the skills of a psychiatrist can explain how the industry failed to spot the opportunity offered by online music.) But here’s a rant that’s far more dismissive than anything I’ve managed to date. Sample:

It continues to astonish, but the recording industry STILL does not have a clue WTF they are doing. Utterly amazing.

A story in the NYT Thursday reveals that the actual levels of business knowledge and economic understanding that exists in the recording industry. The answer, it turns out, is nonewhatosever.

Proof for this revelation is what the RIAA braintrust now thinks is hurting CD sales: it’s legal digital downloading that is holding back CD sales. Not illegal P2P, as the RIAA likes to tell us, but legal sales!

Like I say, it needs a psychiatrist…