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The Impact Of Internet On The Music Industry

Decent Essays
Introduction:
The music industry consists of the companies and individuals that make money by creating and selling music (Wikipedia). The current music industry which emerged around the middle of the 20th century has been undergoing drastic changes for the past two decades. When the Internet, and peer-to-peer file-sharing services such as Napster, Kazaa and Limewire, began their rise at the turn of the millennium, many predicted that the music industry, among other entertainment sectors, was headed for impending doom and catastrophic losses in sales. To some degree, and for the first few years, these predictions seemed to become a reality as record sales fell drastically at least partially due to piracy. However, as technological change continues at a rate never before seen, the impact of the Internet has been expanded well beyond illegal downloading to include fundamentally different ways of distributing, promoting and marketing music.
Digital Capabilities, Technologies & Innovations: (We can elaborate on all these) Internet Recording Software, websites
Youtube
Music Streaming
Internet Radio itunes Apps (Spotify, Pandora)
Blog
Social Media
Value Creation: (for business & customers)
There is no doubt that the landscape of the music industry has undergone a significant transformation since the turn of the millennium due to technological change. The record companies have partially lost a hold of the control that once allowed them to keep prices for music, and their profits,
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