The Future Of The Digital Music Industry
In 1979, pop group The Buggles exclaimed ‘Video Killed the Radio Star’, in 2000 heavy metal band Metallica felt that Napster killed the recording artist’s right to its songs, and the proliferation of MP3 player invention slowly lead to the decline of walking into a music store and purchasing CDs. Over the past decade, music stores like Sam Goody, Tower Records, and FYE were overcome by the digital music onslaught and folded in its wake. Technology moves forever forward, therefore what will be the future of the digital music industry?
It is estimated that digital music revenues will more than double from its current number of 7.I found some more information here.4 billion to more than 20.1 billion in just four short years, by 2015. It is the wave of the future. Musical files compressed using MP3 players are just the better alternative to consumers because of the ease of access. A small electronic gadget that can hold thousands of songs is just a more efficient way to carry music. Although compared with the musical quality of a CD many consumers agree that MP3 players do not compare but that has not been enough to slow down the sales of music online as opposed to going to an electronics store and purchasing a CD. The steady decline in music stores and even electronic stores (see Circuit City) that sell CDs proves this. The music industry has responded in kind, offering the majority of the releases of its musical acts digitally. However, because people are primarily getting their music from the internet, there is still the piracy issue that Metallica sued Napster over. Artists and labels still have the contention because it is just too easy to download pirated music from the web. The music industry is working with federal law enforcement to curtail this issue so that the industry can thrive within this new framework.