Does the Myspace effect have pitfalls for fans and artists?

• “niche product” – a commercially available item, event or attraction that is likely to appeal to only a limited number of people
• could turn out to be music’s key mantra for the net age
• fans have more power
• the initial impetus for the record-breaking opening week for the Artic Monkey’s album came from the internet
• 50 million is the latest worldwide estimate of registered members of Myspace, which is set to launch a UK-specific site in the spring with a particular emphasis on music content
• the music industry is eyeing these sites with interest – and fear as the websites could transform the landscape in which music is made, marketed and purchased
• this change could lead to the empowerment of the artist and the fan at the expense of the manufacturer and the retailer
• sites allow a fan to be just a few clicks away from becoming a well-informed voice in the forging of new musical tastes
• posting new songs, details of forthcoming gigs and evidence to surfing A&R men of the size of your online fan base opens music-biz doors
• high street retailers and music-industry executives with huge overheads stand to loose from online music sales
• fans are now bombarded with choice, informed to the point of instant expertise
• leads straight towards the “Proceed to Purchase” button (much easier)
• Myspace allows for a sense of community and ownership
• users have the resources to adapt to new formats, invest in changing technology and exploit fresh revenue streams
• cyberspace is delivering priceless marketing profiles to fans email