That was the message which Edgar Bronfman, the Seagram's-heir-turned-media-mogul, sent in his keynote address at Convergence 2.0, a symposium in New York organized by the business magazine The Deal.
Bronfman acknowledged the difficulties the recording industry is facing, reports the radio industry magazine FMQB. "The business of selling CDs is fading. That's definitely the bad news, but it's news we've heard before: The LP faded, then the cassette. It's only natural that the CD over time will also fade, having been in the market for 25 years.
"But the good news is that the rest of the music business ... is experiencing exciting growth," he continued. "... I'm here to tell you that, once again, the reports of our final days are greatly exaggerated ... The growth in the sale of music on the Internet and via mobile devices has been awesome, and there is a lot more to come: in video content, ringtones and bundling: albums, tracks, concert tickets, video, merchandise, games — you name it.
"While it may take some time for the rise in all the new revenue streams to overtake the short-term effect of the decline in the CD, there is no doubt in my mind that the mid-to-long-term future for Warner Music is very bright indeed."
To help make his point, Bronfman read from a Washington Post editorial warning of the potential collapse of the recorded music industry due to declining album sales and the illegal copying of recordings. The article was published in 1980.