(R)Evolution in the Information Industry: What the Information Industry Can Learn from the Music Industry

A failure to adapt to and adopt new and changing technology caused the music industry to crash, a fate that the information industry currently faces. This proposal is an overview of the music industry\u27s crash, as a result of changing technology, and the lessons that the information industry can learn from the music industry\u27s mistakes in order to avoid its own crash now that technology allows for quicker, easier, and cheaper publication. In the 80s & 90s record companies refused to effectively adapt to and adopt the new technologies of CDs, MP3s, and digital recording. This resulted in a slow downward spiral toward the demise of major record companies. Though the music industry has recently embraced new technologies and is trying desperately to catch up with technology, it is much too late for them to return to their former power and economic status. Today the information industry (including publishers, vendors, libraries and universities) face a similar struggle with new publishing technologies, especially Institutional Repositories, which could result in publishers and vendors facing the same fate as record companies. This session will give an overview of both industries as well as the mistakes which the music industry could have avoided and that the information industry should take as cautionary tales. We\u27ll also look at potential solutions, or ways to circumvent the music industry\u27s mistakes. Discussion will be encouraged and attendees can expect to consider the future of publishing, vendors, libraries, universities, and institutional repositories and offer their ideas for the success of the information industry as a whole