How A Fundraising Concert Reinvented Pop Music

“By helping create a new superleague of rock stars, an event conceived purely to raise money for African famine victims ended up generating just as much revenue for the labels to whom the artists were signed. From the industry’s perspective, the timing was perfect. Compact disc players were becoming affordable and the format gave baby boomers the perfect excuse to forego new music in order to re-purchase albums by many of the artists who performed that day.”