TempoTrader's History of the American Music Industry - Part 5
Music During The Great Depression: 1930-1940
1931: GE and RCA split as a result of anti-trust laws. There was a day when "too big to fail" was actively avoided.
1933: FM radio is invented by Edwin Armstrong, an employee of RCA. RCA then claims the patent as their own. Meanwhile, there's an assassination attempt on FDR's life, prohibition ends, and the first Nazi concentration camp is established in Europe.
1934: The Grisby-Grunow Company goes under due to the stresses of The Great Depression, and Columbia is sold to the American Record Corporation (ARC).
1935: The US Government's Works Projects Administration gives relief to unemployed musicians through AFM's lobbying.
1938: CBS buys ARC for $750,000, and renames it the Columbia Recording Corporation.
Music During The 30s
Popular songs from the period include "Strange Fruit" by Billie Holiday, and "Summertime" which was composed by George Gershwin for Pergy and Bess.