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Music Industry Advantages And Disadvantages

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The music industry is indubitably one of the largest entertainment industries in world. Global recorded music sales raked in a total of US $15.7 billion in 2016 (International Federation of Phonographic Industry (IFPI), 2016). The music industry “consists of the companies and individuals that make money by creating and selling live music performances, sound recordings and music videos of songs and instrumental pieces” (The Audiopedia, 2016). Over time, the dissemination of music has evolved. In the past, vinyl records and compact discs were a common way to distribute recorded music. However, in the 21st century, things have changed extensively, with the unearthing of music streaming. Music streaming has unquestionably taken root in the music industry in recent times. Music streaming are services like Spotify, Apple Music, Tidal …show more content…

Although it has produced a new form of piracy, the advantages of music streaming far exceed the disadvantages. Indisputably, music streaming is the future of the music industry. The projected value of the music streaming industry in 2020 is 16.5 billion USD (P. Schoenfeld Asset Management LP (PSAM), 2015) is and that suggests how the music streaming business will only get bigger from here. The music industry has to adapt and adjust to the development of music streaming in order to maximise its potential and yield the most benefits. As Leon C. Megginson so aptly put, “It is not the strongest or the most intelligent who will survive but those who can best manage change.”, without the ability to adapt, anyone would be left

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