Big Ideas in Music: David Byrne and Thom Yorke discuss the Music Business

Everyone knows now about Radiohead's recent coup in the music business. They dropped their label and released their newest album, In Rainbows, via their own website for anyone to download. The price you pay is up to you.

Wired explains:

It turns out the gambit was a savvy business move. In the first month, about a million fans downloaded In Rainbows. Roughly 40 percent of them paid for it, according to comScore, at an average of $6 each, netting the band nearly $3 million. Plus, since it owns the master recording (a first for the band), Radiohead was also able to license the album for a record label to distribute the old-fashioned way — on CD. In the US, it goes on sale January 1 through TBD Records/ATO Records Group.

While pay-what-you-will worked for Radiohead, though, it's hard to imagine the model paying off for Miley Cyrus — aka chart-topping teenybopper Hannah Montana. Cyrus' label, Walt Disney Records, will stick to selling CDs in Wal-Mart, thank you very much. But the truth is that Radiohead didn't intend In Rainbows to start a revolution. The experiment simply proves there is plenty of room for innovation in the music business — this is just one of many new paths. Wired asked David Byrne — a legendary innovator himself and the man who wrote the Talking Heads song "Radio Head" from which the group takes its name — to talk with Yorke about the In Rainbows distribution strategy and what others can learn from the experience.

In the interview, Byrne and Thom Yorke discuss how the music industry is changing and what those changes might me for aspiring musicians and fans.

From David Byrne's companion article,"Survival Strategies for Emerging Artists - and Megastars":

What is music?

First, a definition of terms. What is it we're talking about here? What exactly is being bought and sold? In the past, music was something you heard and experienced — it was as much a social event as a purely musical one. Before recording technology existed, you could not separate music from its social context. Epic songs and ballads, troubadours, courtly entertainments, church music, shamanic chants, pub sing-alongs, ceremonial music, military music, dance music — it was pretty much all tied to specific social functions. It was communal and often utilitarian. You couldn't take it home, copy it, sell it as a commodity (except as sheet music, but that's not music), or even hear it again. Music was an experience, intimately married to your life. You could pay to hear music, but after you did, it was over, gone — a memory.

Technology changed all that in the 20th century. Music — or its recorded artifact, at least — became a product, a thing that could be bought, sold, traded, and replayed endlessly in any context. This upended the economics of music, but our human instincts remained intact. I spend plenty of time with buds in my ears listening to recorded music, but I still get out to stand in a crowd with an audience. I sing to myself, and, yes, I play an instrument (not always well).

Continue the thread on David Byrne's remarkable website here and here.