Yes Keyboardist Rick Wakeman Explains How We Can Save The Music Industry

Former Yes keyboardist Rick Wakeman recently shared his thoughts on how to breathe life back into the struggling record industry. Speaking with Rick Beato, the music legend pointed out a glaring issue: the lack of community in today’s music-buying experience.

According to Wakeman, industry executives have prioritized profit over passion, focusing on online platforms for selling physical and digital music. While efficient, this approach has stripped away the personal touch that used to make buying music an adventure. Wakeman believes bringing back that sense of connection could turn things around.

The Lost Magic of Record Stores

Wakeman fondly recalled the heyday of record shops, where music lovers bonded over their discoveries. He explained:

“Even up until 20 or 30 years ago, you’d go into a record store [to see] thousands of records.
“You’d be going through them, trying to find something, and somebody next to you would go, ‘Oh, have you seen the new Jethro Tull album?’ People would talk. And then you’d go back to your friends and talk about the great music you’d found. It was passed on from person to person.”

He lamented the loss of this communal experience. “They’ve taken that away. There’s no interaction now between people buying records,” he said. Shopping online doesn’t compare. “What do you do when you go online? You get what you were looking for. [But if] you go into a record store, I guarantee you’ll come out with maybe what you’re looking for, but something else as well – and they’ve taken that away.”

Wakeman’s Vision for a Modern Record Shop

Wakeman proposed reviving record stores with a modern twist, inspired by the golden era of Tower Records. “So, yes, you’ve got vinyl; you’ve got new CDs. You’ve also got old CDs and old vinyl, so you can do an exchange,” he suggested. He also called for the return of listening booths, paired with a coffee shop space where strangers could bond over music.

“It’s what music is all about,” he emphasized. He believes the solution isn’t complicated – just a matter of record companies recognizing the value of creating spaces for music lovers to connect.

To Wakeman, it’s not too late for the record industry to return to its roots. He said:

“At the moment, the record industry just thinks, ‘Streaming,’
“And I think the industry, at this present moment in time, isn’t a music industry – but it’s not too late to bring it back.”

Watch the interview in the video below: