Todd Smith has been a musician, a record producer and most recently, the owner of a record label, the now-defunct Louisville-based Label X. He says Label X did everything right – solid artists with fans, radio play, coveted television spots – but none of that translated into sustainable record sales.
“After the digital revolution and file sharing and everything, consumers began to think of recorded music as a free commodity. You saw record sales in free-fall. The revenue model that the recorded music industry was built on, for all intents and purposes, eroded,” says Smith.