The Future Of Music Industry Essay

3588 WordsDec 16, 201015 Pages
MUSIC INDUSTRY Submitted By: Abhishek Dey Reg No.: 1226110103 ABSTRACT The music business is continuing to lead the creative industries into the digital revolution. In 2009, for the first time ever, more than a quarter of the recorded music industry’s global revenues (27%) came from digital channels – a market worth an estimated US$4.2 billion in trade value, up 12 per cent on 2008. In the US, the world’s largest music Market, online and mobile revenues now account for around 40 per cent of music sales. Consumer choice has been transformed as companies have licensed more than 11 million tracks to around 400 legal music services worldwide. Fans today can access and pay for music in diverse ways – from buying tracks or albums from download stores, and using subscription services, to using music services that are bundled with devices, buying mobile apps for music, and listening to music through streaming services for free. Music companies have licensed advertising–supported services to attract non-payers and file-sharers, struck groundbreaking deals with major ISPs, developed partnerships with device manufacturers and established a new platform for high-quality music videos aimed at mass audiences. All of these initiatives are experimental and innovative, and all are predicated on the simple principle of meeting the needs of the music fan. Changes in the Music Industry In the past 10 years the internet has turned some industries upside down, none more so than the music industry.

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