Path towards a Digital World
As recent articles make it clear, digitally distributed music will represent about 40 percent of U.S. music sales within five years. Some companies expect downloads to exceed 2 billion in 2009, which is clearly a vastly greater difference from last year’s 140 million downloads. Some predict digitally delivered music as well as mobile music to make up around 37 percent of all music sold. Some have previously predicted that piracy would slow down the growth of music, but it seems as though profits will continue to soar. This is determined because the public enjoys an innovative and user-friendly space for receiving music. It is easier to download a song than it is to go out and buy an album. Apple iTunes and LimeWire are the two most popular digital music services. It is becoming easier and easier to access music over the internet.
Record companies argue that the profits made by internet music services represent their losses in the world of music. It is hard to prove this yet it is easy to see that more of the world is becoming turned on to internet based music because of its easy accessibility. This will only continue to grow and may in turn lead to more profits for artists rather than labels. This increase in internet-based music may eventually force record companies to decrease prices and give into the needs of the artists rather than control the needs of the artist. Only time and profit maximization can tell where the future of music will lead us, and so far, it’s leading us to a digital world.
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