The music industry loves to spew alarmist rhetoric on the dangers of pirated music: artists will starve! massive industry layoffs! dave navarro and carmen electra will have to settle for the brass stripper poles instead of the gold-plated ones!
Yet there is an even darker, more threatening side to music downloading. File this under "ludicrous rationalizations for real estate greed": all those kids downloading Coldplay means Capital Records is looking to unload its iconic building on Hollywood and Vine. The LA Business Journal estimates parent company EMI could make between $35 and $50 million on the sale. Mayor Villaraigosa and Eric Garcetti have both sprung into action to keep Capitol Records and its employees in Hollywood, offering public assistance to keep them around. But that's as far as they're willing to go. Ok, public assistance and the $4 million the city invested six years ago to keep them around. But that's it. According to the article, the city won't let Capitol Records (or any prospective buyer) convert the building into condos. So don't even think about it - roof parties around the needle aren't in our future.
On the Market [LAObserved.com]
Capitol Records Building for Sale [LA Business Journal]