Impact of New Media in Music Industry - 1394 Words

Impact of New Media in Music Industry Introduction In the recent years, there have been changes in the structure of the Music industry and the paths that have been used for creating, promoting and distributing music. Most of these changes resulted from the advancements in technology, which affected both economic and technological structures of the industry. The digitization of music and its migration on to the Internet has been one of the biggest challenges to the traditional music industry. Ever since the invention of recorded music itself over a century ago, and together with the rise of illegal file sharing, it smashes the familiar hierarchies and materiality of musical production at practically every level. Today a growing number of†¦show more content†¦The lower cost to access a larger variety of music will sure to attract a very large group of consumers. Traditional record labels are still effective for well-known artists who rely on extremely effective budgeting, marketing, and promotion strategies. The competitors may be subject to legal implications resulting from laws to protect copyright, intellectual property, and royalty rights due to the free sale of an artist’s work via the Internet. The traditional record labels should continue to emphasis their ability to be the best provider of marketing, distribution and promotion strategies. They also have the option of developing digital transmission products to compete with MP3 as a high quality, high technology provider in the music industry. The traditional record labels could also establish a joint venture with an Internet superstore to sell their CDs at a discounted price. They could also create their own Internet store. The traditional record labels could design web sites that offer customer services such as chat rooms, artist information, instant messaging and a variety o f others. The Internet store should continue to offer a wide variety of music at a lower cost to attract the greatest number of customers. Production Product innovation and technological advancements are also driving forces of change in the music industry. For everyone who are familiar with and spotting many of them owningShow MoreRelatedIfsm 304 A11344 Words   |  6 PagesSOFTWARE PIRACY IFSM 304 Abstract In the various media industries there are extreme worries concerning unauthorized downloading and copying of their products known as piracy. Piracy of items has been part of commerce for centuries; counterfeiting of currency for example. With the information age the ease at which media can be pirated has caused an explosion of this phenomenon. 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