Music Industry

People listen to music for a variety of reasons. Some listen to music to relax in which it serves as a sort of escape from everyday life, some because they are a fan and follow a certain artist, and others because they can relate the lyrics to their own personal experiences. Whichever the case may be, music has and continues to serve an important role in people’s lives.

Music has been circulating the air across many cultures for centuries; however, in the last 50 years, the music industry has become an important global industry and an vital area for economic activity on many geographic scales (comp. 45). Over the years, music consumption has grown and spread across many areas. Music consumption has become “more of less.” This contradictory idea alludes to the fact that individuals are listening to music of many different artists rather than to an entire album by a singular artist. This causes people’s music collection to become more diversified.

Likewise, more people are listening to music because it has become so accessible. Technology has undoubtedly changed the music industry and is perhaps the main reason why individuals no longer consume an entire album. Previously, people were required to buy an entire album or CD even if they only wanted a few specific songs. With new technological advancements, music consumption has become more fragmented. Individuals can instead purchase their favorite song by each artist while eliminating all others from their collection. Due to technological advancements such as the Internet, there is now a wider variety of music because a greater diversity is more accessible. An individual no longer has to leave his house and drive down the street to a store to purchase music. Instea...

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...mething more. This is evident through a rise in concert attendance and prices. The prices of a tickets have increased dramatically over the past decade and fans continue to pay the cost of admission. Listening to an album no longer is the experience it once was, but fans crave the concerts which fill that void.

As a CEO in charge of a record label, I would mainly focus my attention on concert promotion and production, as well as innovation. With the rapid development of technology, it is difficult to see too far into the future of the music industry. It seems that the best option is to focus on what works in the present, but being ever aware of change in the industry. It is impossible to tell what is far down the road, but taking advantage of the present while constantly adapting to changing times is what it takes to survive in such a tumultuous industry.