The evolution that has taken place in the music industry over the last 15 years is quite staggering. The entrance of the internet onto the world stage has revolutionised the way music is bought, marketed and shared. It is not only the depth of the changes that are occurring, but also the increasing rate at which these changes are taking place. New technologies and processes are becoming outdated almost as soon as they are first officially adopted. Love it or hate it, the world wide web is here to stay, and it has irrevocably changed the business of music.
How music is purchased – Traffic to brick and mortar music stores is decreasing at a steady pace. Stores have had to entirely rethink their sales strategies and embrace a vision that is larger than just the sale of music. The mp3 has made it possible to purchase music from the comfort of your own armchair or bed. The possibility of CDs becoming completely obsolete in the not too distant future is not that far fetched at all. Gone are the days of buying an album containing 3 or 4 songs that you like, with the rest that you have to tolerate or entirely ignore. Now, you buy only the songs that you know you want. This has resulted in a decreased revenue for record companies and artists because the guarantee of the sale of a complete album no longer applies. A greater emphasis is therefore now placed on the release and marketing of “singles” in an attempt to boost profits.
