First published on http://www.dailyfinance.com/
There’s much to like about Gorelick’s story. For one thing, he’s taking control of his financial destiny at a time when the music business is struggling with new distribution mechanisms. According to data from the Recording Industry Association of America, streaming music from the likes of Spotify and Pandora Media accounted for 21% of industry revenue last year. At the same time, CD and download sales declined 13% and 15%, respectively, according to Nielsen SoundScan.