The nominees for the 53rd annual Grammy Awards won't officially be revealed until Dec. 1. But with the eligibility period having closed on Sept. 30, the contenders are now clear, with early favorites and intriguing storylines already emerging. According to our survey of record executives and industry observers, the 2011 Grammys will likely field its strongest and most competitive collection of record and song of the year nominees in recent memory. While this may lead to a Grammy night filled with memorable, over-the-top performances, it's bittersweet news for the industry, as it mirrors the shift in the marketplace away from albums and toward the less profitable commodity of singles.

Eminem (top), Lady Antebellum