The music industry has been suffering from a major loss over
the past few years; sales for albums have plummeted over £100 million in 2
years while sales for digital albums have risen. This can be explained by the
commercialisation of the internet and web 2.0; enabling consumers to share
products and download illegally. There was an estimated 1.2 billion illegal
downloads in 2010 in the UK. Amazon and iTunes are legal alternatives for music
consumption.
I predict that in 2012 this pattern of music consumption will continue and record labels will feel more pressure to increase profits. An alternative profit attainment method can be found in acquiring profits from gigs/concerts.
Click the link below to see how much the music industry has changed since 1980:
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