The Record Industry’s Decline

The Record Industry’s Decline. "The record companies have created this situation themselves," says Simon Wright, CEO of Virgin Entertainment Group, which operates Virgin Megastores. Rosen and others see that 2001-03 period as disastrous for the business. "That’s when we lost the users," Rosen says. "Peer-to-peer took hold. That’s when we went from music having real value in people’s minds to music having no economic value, just emotional value."