内容简介
Fortune'sFooltellsthestoryofhowthemusicindustryhasmetitsworstcrisis,theInternetAge.WhenEdgarBronfman,Jr,boughtWarnerMusicGroupfromTimeWarner,histrackrecordconsistedofdissemblingthefamilybusiness,Seagram.TheresultingUniversal-vivendidealcollapsedinlessthantwoyears,takingmuchoftheBronfmanfortunewithit.WhenheandhisequitypartnersboughtWarner,theyturnedaprofitinjust14months,buttheirproblems,likethoseofthebusinessasawhole,werejustbeginning.AssoonasEdgarJr.wenttoworkatSeagram,hebeganmovethecompanyintoentertainmentbusiness,financedbyhissaleofSeagram's150millionsharesofDupont.ThatdecisionrupturedtheboardandtheSeagramfamily,endedthe75yearhistoryofSeagram.WhenEdgarJrboughtMCAfromMasushitaandthenmergeddisastrouslywithVivendi,andlost$3billion,thefailurenearlyendedhisbusinesscareer.Butinthefall-outoftheTime/AOLmerger,BronfmanwasabletorescuetheoncestoriedWarnerRecordGroupandreinventitsflaggingAtlanticRecordsastheindustry'smostsuccessfulInternetlabel.Atthesametime,CDretailersweredisappearing,andthoughWarnermadeaggressivedealswithtechnologycompanies,therewasnoworkablemasssolution.By2007Warner'sstock,whichoncetradedat$30,wasat$7andfalling.WithaccesstonotonlyBronfman,butallthemajorplayers,FredGoodmanshowsthroughthisrevelatoryhistoryandanalysisthatthelabels'longstrategyofrewardingchartsuccessandmarketshareturnedouttobeinnatelydestructivewhenitcametimetransformthebusinessmodel.EdgarJr,theWarnerlabelsandtheindustryfaceafinalchallengefromtheInternetthatwilleithersavethemormakethemextinct:developingarecordingproductorservicethatissuperiortowhatisalreadyavailableforfree.