The Historical Dominance And Dominancence And Dominance In The Music Industry

Historically, the music industry has been controlled by the major record labels. Recent times have challenged the presence and dominance of major record labels and have shown that the music industry is an extremely complex system filled with a variety of ever-changing relations. Previously, major record labels controlled an extremely large portion of the industry, and in turn had a large influence on the market place. Without a doubt, major record labels still have a profound influence on the international and local market place, but to the extent in which they do, how technology is playing a role in their dominance, and how this effects New Zealand musicians and consumers is what I will be discussing.
Before diving in too far about the topic,

Thanks to the major’s increasing authority and dominance in the music industry, they unintentionally revolutionized how and when consumers listen to music, with the help of technology of course. In this age of technology, the function and need for major record labels has drastically changed, and in turn, has affected the market place. A shift in the way consumers access music has led to a variety of different outlets in which music can be accessed and distributed. Social media sites like Facebook and Twitter allow artists to communicate for free with the public while giving them the opportunity to advertise their music on a global scale. Online streaming sites like Spotify and Pandora have challenged the major record company’s role in the industry, allowing customers to listen to music and create collections without purchasing entire albums. By the year 2010, the online music industry was booming, and “in 2014, the industry’s global digital revenues increased by 6.9 per cent to US$6.85 billion. For the first time, the industry derived the same proportion of revenues from digital channels (46%) as physical format sales (46%).” http://www.ifpi.org/facts-and-stats.php While artists and consumers were benefiting greatly from these advances in the music industry, major record labels were losing significant revenue and they had