Strike up the forlorn violins–Virgin Megastore is officially closing its doors all across North America. The news follows quickly after the announcement of the closing of the Megastores located in both Union and Times Square despite their reported profitability.
And while this is surely yet another casualty of an economy in turmoil, it is more likely to go down as one of the most visible blows to the steadily collapsing traditional music industry. Physical sales simply cannot compete with competitively priced digital albums , illegal downloads, and alternative modes of media exchange. As a result of being unable to properly scrounge up an alternative business model, the labels shall now begin to fold.
Rather grim, isn’t it?
Still, something will arise from this. The music industry is not going to vanish–it’s simply going to evolve and make way for something new.