Future of The Music Industry

The music industry has changed a lot of the last 25 years and it will continue to do so. For commercial purposed we started with Vinyl records then moved to tapes and CDs, now we’re at mostly MP3 and streaming. While most of the music these days is streamed and download sales revenue down 25% (IFPI, 2018), people still like tangible forms of music. I have seen a steady increase in people wanting to buy and collect vinyl records again. In 2017 physical music sales revenue still took up 30% of the distribution (IFPI, 2018). This gives me hope for the music industry and opportunities for music enthusiasts and the artist themselves. Digital streaming is still by far the most popular and lucrative form of music right now but with this rise in interest in physical forms of music again i believe the future looks bright for the industry. My prediction of how the industry will develop is that streaming will continue to be the most popular but until digital files can produce the same quality audio as a vinyl record, records are here to stay. While digital is the least expensive and most convenient, it takes away a lot of the appreciation of the music itself. Buying a record allows you to further appreciate the entire body of work from the artist, enjoy the tangible packaging, and listen to the highest quality sound without compression. The main reason I think that vinyl will not lose its value to music enthusiasts and consumers is because of how much it has to offer. People still drive cars from the fifty plus years ago because they appreciate the craft. It would be easy to buy or stream a digital album but then you don’t get to go through the entire process of unwrapping a record, playing it for the first time, and adding it to a collection of your own favorite types of music. With that being said digital will continue to be the forefront of the music industry but records aren’t going anywhere just quite yet.

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