(The author of Fortune’s Fool: Edgar Bronfman Jr., Warner Music and an Industry in Crisis)
Goodman’s well-researched profile functions as history of the major-label system, from its origin through the boom, up to the declining returns and shrinking investment of today, while elucidating the personal motivations of Bronfman and other important figures at the storm’s vortex. He doesn’t mince words:
The sorry fact was that record executives had no personal financial incentive to be forward-thinking. In an industry where bonuses were based on chart performance and market share, incentives were tied to creating hits and not to addressing the fact that the CD business was being rendered unnecessary and needed to be reinvented. With a lethal myopia, the industry went around its day-to-day business and made sure all its windows and doors were locked, completely indifferent to the fact that its house was on fire.