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Decline e-signature man

[Music] do you remember how there used to be music stores in moles i mean that was like a big thing right let me know if you relate to this but no matter which mall i went to they would always have one of those stores and it was easily one of my favorite parts about going there the actual name of the store at your local mall of course would be different depending on your region but some of the bigger ones that stand out to me it would be camelot music sam goody and the one that seems to have outlasted all of them fye that's the one that i'm most familiar with i couldn't tell you how much time i used to spend flipping through the shelves of cds and dvds not even buying anything half the time just having fun hanging out there i'm guessing you may have had similar memories and that's what makes the story so depressing fye is nothing like it used to be by most measures they have been declining consistently since the early 2000s in fact it's more likely than not that the one in the mall near you has closed down and the main reasons behind that are pretty straightforward right spotify and netflix and all the other streaming services for both music and movies have for many people replaced physical media which of course has been bad for them back at their peak in the early 2000s over 90 percent of their sales were from physical media but even though some of those answers may be obvious i still think it's a great case study you're going to see that fye was at the center of this industry so oddly enough i'm going to be talking about how they've declined while also talking about how they've beaten and outlasted many of their competitors bob higgins was at the center of it when it comes to music stores he is quite possibly the most all-time important figure in 1972 he took thirty thousand dollars of his own money that he had saved and used it to start a company in his hometown of albany new york called trans world music corporation it was initially a music distributor but within the year he had opened a retail store called record town that quickly became the center of the business much of the early success came from recognizing trends in the market trends like the rising popularity of shopping malls after only two years he opened a new record town store in a mall that did so well it became a big part of his strategy moving forward another trend was the popularity of audio tapes looking back record town may not have been the best name for that initial store because it constricted them to records rather than tapes so his solution was to open a new store with a new name called tape world throughout the 1980s things were looking...