Over the past several years the music industry has taken a sudden downfall in sales. Piracy of illegal downloading has caused record labels to pull back on signing new artist. The music industry has taken a complete spin from back to the early 1900’s with sheet music was the only way to listen to music. To nearly a century later, with mp3 files and digital media being the new way to listen to music.
Almost ten years ago no one had even heard of iTunes, MySpace, or even FaceBook. But now, the music industry has changed in ways no one could have predicted, in what is now called digital downloading. The music industry has been torn apart by new technology and social media. The future of music from the creative aspect to the business has all changed due to the illegal file sharing. So now that the record industry is no longer making money in the future because, artist are now self-producing, distribution, and marketing their music through the Internet.
Record labels have begun to change their strategies on artist, album sales, and marketing for their clients. Even contracts have been changed to fit the new trend of digital downloading and social media, offering what is known as the 360 deals. Which is different from artist to artist, but in general will include earning revenue from live performances, merchandise, and other income the artist receives. These deals are put in place to make up for the drop of the albums sales. But due to the new digital downloading and iTunes, album sales are surely but slowing climbing back up the charts.
So as the music industry continues to work out a few minor details in the new technology department. This may allow students who are going to school and receiving degrees in the entertainment business industry, to look forward to the future of the music. We may not be able to predict the future but we are sure getting our selves prepared for it.
http://www.futureofmusicbook.com/2011/06/how-will-musicians-earn-money-in-the-future/
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