Topic > the effect of the Internet on the music industry - 546

The Internet has been hailed as one of the most prolific inventions of modern times. Although many initially believed it was a passing phase, it has turned out to be a driving force, especially in the business world. Most industries have seen a boom in business thanks to the access to the global market attracted by the Internet. However, many have had to deal with increased competition. The music industry is no stranger to some of these challenges. Much has been said about how music piracy has reduced the revenue of some industry players. The Internet has revolutionized not only the way music is produced. It has economically affected record companies, artists and those who listen to their music. In the pre-internet era, record labels controlled the music industry. They produced, distributed and promoted the music. They were the intermediaries between the creators of music and the consumers. Of course they received most of the profits from their businesses. They even went so far as to obtain the rights to their artists' songs and in some cases even their names. Their financial success...