Roger Lynch

But what the music industry did or didn't do is, and this is one of the big mistakes, and like most lessons that you learn, you learn the biggest lessons from your mistakes.

What the music industry didn't do is look at

how their customers were behaving and say, okay, let me craft my business around that.

They said, no, I don't like that behavior.

I'm going to change the behavior.

Let me sue these teenagers in Iowa who are downloading music or sue the ISPs or their parents or whatever so I could change the behavior back because I really like it when they buy CDs.

That's really good for my business.

That was disastrous for the industry.

So finally, once they had embraced downloads and then streaming, it started growing again.

It's only just gotten back to the size it was in 1999, 27 years later.

Of course, but they fought it for far too long and it's a mistake.

Vinyl records have grown every year for the last 18 years.

sales of vinyl records.

And it was, it used to be people my age buying vinyl records and collecting them.

Now there is many people in their 20s buying them as there are people in their 50s or 60s buying them.

A lot of people in their 20s don't even own a record player.

They buy the vinyl records.

There's an interesting trend that we, and we see it a bit in our industry too, like young people buying physical magazines.

It's like, why?

Well, I think it's a search for authenticity.