Fortune's Fool: Edgar Bronfman, Jr., Warner Music, and an Industry in Crisis

Fred Goodman


Fortune's Fool: Edgar Bronfman, Jr., Warner Music, and an Industry in Crisis

Fortune's Fool: Edgar Bronfman, Jr., Warner Music, and an Industry in Crisis

  • Title: Fortune's Fool: Edgar Bronfman, Jr., Warner Music, and an Industry in Crisis
  • Author: Fred Goodman
  • ISBN: 9780743269988
  • Page: 431
  • Format: Hardcover



In 1999, when Napster made music available free online, the music industry found itself in a fight for its life A decade later, the most important and misunderstood story and the one with the greatest implications for both music lovers and media companies is how the music industry has failed to remake itself In Fortune s Fool, Fred Goodman, the author of The Mansion on tIn 1999, when Napster made music available free online, the music industry found itself in a fight for its life A decade later, the most important and misunderstood story and the one with the greatest implications for both music lovers and media companies is how the music industry has failed to remake itself In Fortune s Fool, Fred Goodman, the author of The Mansion on the Hill, shows how this happened by presenting the singular history of Edgar M Bronfman Jr the controversial heir to Seagram s, who, after dismantling his family s empire and fortune, made a high stakes gamble to remake both the music industry and his own reputation Napster had successfully blown the industry off its commercial foundations because all that the old school label heads knew how to do was record and market hits So when Bronfman took over the Warner Music Group in 2004, his challenge was to create a new kind of record executive Goodman finds the source of the crisis in the dissolution of the old Warner Music Group, the brilliant conglomerate of Atlantic, Elektra, and Warner Bros Records He shows how Doug Morris, the head of Atlantic Records, rose through the ranks and rode the CD bonanza of the 1990s to enormous corporate and personal profit before becoming embroiled in an ego driven corporate turf war, and how all of Warner s record executives were blindsided when AOL Time Warner announced in 2003 that it wanted nothing to do with the record industry When the music group was finally sold to Bronfman, it was a ghost of itself Bronfman built an aggressive, streamlined team headed by Lyor Cohen, whose relentless ambition and discipline had helped build Def Jam Records They instituted a series of daring initiatives intended to give customers legitimate online music choices and took market share from Warner s competitors But despite these efforts, illegal downloads still outnumber legitimate ones 19 1 Most of the talk of a new world of music and media has proven empty despite the success of iTunes, even wildly popular sites like YouTube and MySpace have not found a way to make money with music Instead, Warner and the other labels are diversifying and forcing young artists to give them a cut of their income from touring, publishing, and merchandising Meanwhile, the average downloader isn t even meeting forward thinking musicians halfway Each time a young band finds a following through music websites, it s a unique story no formula has emerged If one does, Warner is probably in a better position than anyone to exploit it But at the end of the day, If is the one word verdict on Bronfman s big bet.


Recent Comments "Fortune's Fool: Edgar Bronfman, Jr., Warner Music, and an Industry in Crisis"

“Fortune´s Fool” viene a retomar el punto donde se quedó “Mansion on the Hill” del mismo autor, en este caso presentando un relato sobre la industria musical norteamericana desde los noventa hasta hoy (creo que la primera edición es de 2010), un terreno también explorado en, por ejemplo, “Appetite for Self Destruction” de Steve Knopper.Goodman se centra en la figura de Edgar Bronfman Jr heredero del imperio Seagram, la compañía de bebidas alcohólicas más importante del mundo [...]

"Fortune's Fool" is a very solid, balanced and pretty accurate account of the events and corporate intrigue around the record label mergers of the late 90's through to the present as the growth of the internet completely decimated the music industry. The book is written in a way that will appeal to aspirants and insiders, current & former, alike. As one of the latter and someone who used to routinely gloss over the fine details of music trade news in my weekly Billboard and Hits magazine rea [...]

Specifically for anyone working in or with the music industry, this is ESSENTIAL reading. Less businessy than journalistic and psychological, pealing back layers of reductive conceptions of the music industry to really follow the true arc of it's decline, and those closely connected. Fred Goodman is particularly good at describing his real-life characters, and developing them throughout the piece. By the end of the bio, you feel like you deeply know major industry players like Bronfman, Lyor Coh [...]

Very detailed recap of important occurrences and highlights within the music industry, with Warner Music as a focus. If you work in the music industry, or have aspirations to work in the industry, you will probably find this book rather interesting.

Don't know if anyone outside of Warner Music Group would enjoy this. But I thought it was an extremely balanced, and accurate portrayal of the last few years of the music biz. It seriously made me feel less betrayed and less bitter about how things have played out

Illuminating book. Tends to be dead on. The one part they kind of leave out is that Edgar is a really nice guy who actually understands technology and wants to embrace it. He also has a real passion for music.

Just getting into it right now.

Very detailed take on the record industry's recent deal-making and intrigue. The lawyer (still) in me enjoyed this

Good recap of Bronfman's journey through an industry not adapting well to change.

I really enjoyed "Fortune's Fool" probably because I have an interest in the music business in general, however it was an interesting story as well as being an informative look at the business.


  • Û Fortune's Fool: Edgar Bronfman, Jr., Warner Music, and an Industry in Crisis || ↠ PDF Download by ✓ Fred Goodman
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    Published :2019-02-10T14:03:41+00:00