A little while back, OK maybe a a big while back, I did a research project as a junior in high school on music file sharing and how it impacted the state of the music industry. Music had always been, and still is, a major part of my life and close to my heart. My initial research began around the time when Napster was a big thing and major changes began to happen within the industry.
Record sales had begun to decline because, well, if people can access something for free many will. In addition to music file sharing programs, there were advances in devices that consumers use to listen to their music. One of companies that helped change the music industry basically forever is Apple. With the invention of the iPod people could now listen to digitally instead of having to buy physical copies of records. Another hurdle the music industry had to overcome is that this technology meant that people no longer had to purchase an entire album. The option to purchase tracks individually played a major part in the decline in revenue.
Fast forward to today, according to the Recording Industry Association of America (RIAA), revenues in the music industry are growing! In 2016 it generated a whopping $7.7 billion, and this was due to the increase in paid streaming subscriptions. It’s great to see that the masses value music and are willing to pay. It hasn’t been easy for the world to accept this new format and I expect to see an increase in the amount of users of music streaming services and digital downloads. So if you were worried about the declining state of the music industry, it gets better.