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How does iTunes affect the music industry?

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Kalynn matich

on 24 October 2012

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Transcript of How does iTunes affect the music industry?

The Music Industry Do you know how the music industry is being affected by iTunes and other services that allow customers to buy individual songs as opposed to entire albulms? "Fun" Fact: iTunes now accounts for 70 percent of digital song sales in AMERICA! Declining profits and fewer staff leave the music industry with less funds and opportunities to recruit and develop new talent. Record labels are more inclined to focus their money and time on established artists and only a few, promising new artists. Investing in New Music Cheaper recording equipment and the absence of record labels, music has been democratized. Professionals dont have to share their income with record labels, but they end up competing with amateurs. Additionally, iTunes sorting system sometimes
blurs lines between jazz and other simular genres. Financial Losses The Internet and the transition to digital have accelerated the kinds of sweeping historical, technological,and cultural transformations that used to take many decades. The transformation isn't complete yet, witness the flailing of the newspaper industry over its dying model; we still havn't solved getting web video to our TV's but its happening faster than ever before. According to RIAA, 30 billion songs were illegally downloaded between 2004 and 2009. Even with sites like iTunes and Rhapsody offering legal downloads, peer-to-peer file sharing still exists. Illegally downloading music has had a significant impact on the music industry resulting in a loss of profits and jobs, and changing how music is delivered to the masses. The RIAA reports that music sales in the United States have dropped 47 percent since Napster first debuted in 1999. The availability of free music has cost the music industry $12.5 billion in economic losses. To regain some of these losses, the music industry has filed lawsuits against people who have illegally downloaded music. In some cases, individuals have been sued for thousands, if not hundreds of thousands of dollars. Layoffs Singers and bands are the public face of the music industry, but creating, recording and promoting a song takes a large team of people. As record companies have seen their profits decrease, they have cut positions they can no longer afford.This includes artists as well as engineers, songwriters,etc. More than 71,000 jobs have been lost as a result of illegally downloading music. As a result, more new artists have to look for outlets to create and promote their music on their own, such as selling it directly online. The music industry has had to fire artist and such to have money for ones they still have. Illegally downloading music can cause you to lose some of your favorite singers!!
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