Music Industry Essay

858 WordsMar 25, 20154 Pages
What is the music industry? The music industry is one of the most universal and profitable industries in the world. Among the many individuals and organizations that operate within the industry are: the musicians who compose and perform the music; the companies and professionals who create and sell recorded music; professionals who assist musicians with their music career. The current music industry, present today, emerged around the 20th century; for the music industry to be as it is today, many changes had to happen in the course of the previous decades. In the past ten years or so the music industry has undergone drastic changes and the internet has been a major factor in this evolution, especially since the advent of widespread distribution of digitalised music online. A conspicuous indicator of this is the total music sales since the year 2000, recorded music have dropped off substantially, while live music has increased in importance. This is because people have had more access to music online and are no longer interested in buying CDs due to the fact that there are the iTunes and Amazon websites (and many more) that allow you to download music (normally $.99 – $1.29) and music videos (normally $1.29 – $1.99). This shows that technology has completely changed the way we listen to music. How has this rise in the distribution of digital music affected the music industry? Despite increasing digital sales, the largest record labels have all reported a considerable decline in overall revenues from sales of recorded music to consumers in the first decade of the 21st century. Revenues in the U.S. dropped by half over a decade, from a high of $14.6 billion in 1999 to $6.3 billion in 2009, according to Forrester Research. Atlantic Records reports that digital sales have surpassed physical sales. Worldwide revenues for CDs, vinyl, cassettes and digital downloads fell

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