Terry Semel, chairman of Yahoo and a former Hollywood executive, is calling the music and movie industry slow and paralyzed. He said it is time that the industry takes a very good look at their business model and learn from the current situation and programs like Napster.
He said four years ago, we saw the change in (music buying) habits ... and the music industry still hasn't moved... of course we 100% agree on this.
The music companies made a mistake by converging and trying to keep exclusive control of their material as they belatedly developed their own online services, he said "The music companies got together and made sure nobody could touch it," Semel said.
Turning to Chernin and Karmazin, he said the movie studios were also dragging their feet as online swapping of films grows more popular every day.
His solution is more government regulation, new technologies, continued prosecution of copyright violators and greater public awareness. I think most of you don't agree on this however he does have a good point.
Thank again to TKyle SGMS for submitting the news.
Source: yahoo
