Future of Music in a Changing World
Music is evolving right before our eyes. With changing technological and social behavior driving the market, many record companies must reinvent the way they distribute music and or make deals with musicians. Artists found their music at the mercy of modern day piracy sites, where people downloaded and listened to their work for free. Record companies seemingly were not anticipating the new wave of digital medium such as YouTube, Spotify, and others distributing music to the masses.
While many are racing for a quick fix, the sole focus should not be on the loss of revenue currently plaguing the industry or the blame game associated with consumer behavior; we need to seek long-term solutions that will include a fair distribution of revenue generated from the digital arena. Some sites such as iTunes give artists an opportunity to benefit from their work by thinking outside the box, thus creating value for customers who can purchase only the songs they love without being forced to buy a whole album. The market is wide open for all, but at the end of the day, creativity and quality will prevail. Record companies still have major roles to play, and the next star is just a song away.
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