September 17, 2013

Music Industry Leads the Digital Revolution

The music industry, from the inside, is often seen as a battle between the so-called "old guard" and the "new." Some argue that there is an unending split between those who quickly embraced digital technology and those who tried to fight it. As the proverb says though " necessity is the mother of invention." Perhaps it was that initial push from P2P services that forced the music world to merge with the digital one, but it certainly seems to be a good thing because it turns out that, as a result, we're leading this revolution.

digital-share-of-us-media-revenues

Displayed under Creative Commons license from Statista


The chart above provides an interesting perspective. It seems fairly logical at this point, as we spend more and more time connected to the Internet, that most industries will, in the long term, need to find a way to adapt to the digital world. Today, as a result, several other industries now find themselves searching for a viable digital model. Yet as other industries struggle to maintain profits in a world where information is easily accessible for free via the Internet, music sales are now predominantly digital. Sure, there are still many issues to resolve when it comes to creating a stable and profitable business model in the modern music industry, but it's interesting to take a step back and realize that, despite complaints of a myopic approach to solving these issues, music is actually leading the charge.
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