The 'How the Internet has Rocked the Music Industry' infographic tackles the subject of buying physical music vs. digital music. When iTunes debuted in 2001, it changed the music industry forever. Since then, Amazon and other companies have come up with similar music-buying platforms, while others have built theirs around free music. As a result of these digital resources, the concept of buying a tangible CD is something that few people can relate to.
In the last decade, music sales decreased over 76% from record stores while increasing hugely in the digital realm. Portable music is faster to get, play and enjoy, making it the preferred choice for many. Vinyl record sales have been on the rise recently, partially thanks to their longevity and quality of sound and partially due to their rebirth in hipster culture.
Source: Total Attorneys
What's Driving This Trend
- Digital Music Consumption
- Opportunity for innovative platforms that provide easy and convenient access to digital music.
- Decline of Physical Music Sales
- Disruptive potential for new distribution models with a focus on digital formats.
- Resurgence of Vinyl Records
- Opportunity to capitalize on the renewed interest in vinyl records by creating niche products and experiences.
Who This Affects Most
- Music Streaming Services
- Streaming platforms can leverage the growing demand for digital music consumption and offer personalized and convenient experiences.
- Music Distribution
- Innovative distribution platforms can disrupt the declining physical music sales by focusing on digital formats and direct-to-consumer models.
- Vinyl Record Manufacturing
- The resurgence of vinyl records presents an opportunity for manufacturing companies to meet the demand for high-quality physical music products.
