Essay on Music Industry

942 Words Apr 18th, 2012 4 Pages
Revenue in the Music Industry
There is one major change in technology that has been in discussion for years, and that is the comparison between the revenues of digital music that can be obtained through the internet to that of CD’s. There is also discussion of what the future may hold for the music industry. The International Federation of the Phonographic Industry (IFPI) has recently stated that there has been an 8 percent increase in global revenue for digital music in 2011 which is a $5.2 billion dollar increase from last year. Because of this increase that means there has to be a decrease somewhere, the decrease is found in the decline in sales of physical formats (CD’s), this market has dropped to 3 percent which is about $16.2
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The music industry can seem at times to be a greedy industry. Some people enjoy enjoyed purchasing the physical formats or ‘music albums’ as some call them, due to the fact that they believe that’s the way the artist wanted their fans to have it. There is a decline in these music albums but there is a financial push towards digital music. No one is for certain if they should blame the consumer or the industry for this certain push. There is debate about the certain benefits that removing all physical formats of music that can bring to the world. For example, the one major idea is that there could be less plastic and paper to use for the making of these albums, the other problem with that is that it could mean the shutting down of local record stores and even the sales that certain franchise stores such as Best Buy that sell CD’s.
We are moving forward to a more technological advanced time in the world, so in a way it may be inevitable that all music ends up going digital. With that in mind there is a quote in the article that suggest “The Internet is a blessing for the music industry”, In a way this is true, but if companies we’re able to embrace this idea in the beginning they could of dominated more on the profitable growth of digital and not wait till Steve Jobs came up with the idea of making digital music a measly dollar to spend in iTunes to receive

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