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20/20 Report Music Industry from 1980

This was the future then:

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A link to be preserved. (Actually two, the feature was posted in two parts). My quick notes:

Younger versions of noted moguls Clive Davis, Walter Yetnikoff and Joe Smith talk about industry woes. Mike Nesmith, the former monkee, shows his innovative video (MTV is not mentioned.) Todd Rundgren is shown working in his state-of-the-art audiovisual studio. Clips of Tom Petty, Kate Bush, Meat Loaf.

“Music industry is bigger than movies and sport industries”. Amazing to think how much things changed.

Lots of talk about the recent crisis (crash of 1979) and the potential of video.

Clive Davis notoriously dismisses the potential of videos (Lefsetz commented about it recently). Yetnikoff clearly sees the MTV era that is coming (and he will help to shape). I paraphrase: “the era of audiovisual music will probably require a new kind of music artist, in the same way Hollywood stars changed in the transition from silents to talkies”.

Edgar H. Griffith,  Chairman of RCA, tells how RCA spent more developing the video disk than color TV. “Elton John Live at Edinburgh” is the first video disk ever released.

Part One:

Part Two:

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