Walt Disney CEO Robert Iger yesterday condemned music industry labels for losing money by resisting the move to online retail.
He observed that the labels had lost billions in revenue through trying to fight, rather than embrace, change.
"They completely missed the market opportunity," Iger said in a speech delivered at the Boston College Chief Executives Club. Disney won't make the same mistake, and has already begun to move with the times, he pointed out.
"By focusing on protective legislation rather than marketplace dynamics," Iger said, "the music industry lost billions during the period of 2002 to 2003."
"The consumer is now king," said Iger, who took the helm at Disney in October. "Today, consumers have far more control over where, when, and how they consume media."
"No single business or industry can stand in the way of technology," he concluded.