Submitted By kala123
Main article: Music industry
The music industry refers to the business industry connected with the creation and sale of music. It consists of record companies, labels and publishers that distribute recorded music products internationally and that often control the rights to those products. Some music labels are "independent," while others are subsidiaries of larger corporate entities or internationalmedia groups. In the 2000s, the increasing popularity of listening to music as digital music files on MP3 players, iPods, or computers, and of trading music on file sharing sites or buying it online in the form of digital files had a major impact on the traditional music business. Many smaller independent CD stores went out of business as music buyers decreased their purchases of CDs, and many labels had lower CD sales. Some companies did well with the change to a digital format, though, such as Apple's iTunes, an online store which sells digital files of songs over the Internet.
The advent of the Internet has transformed the experience of music, partly through the increased ease of access to music and the increased choice. Chris Anderson, in his book The Long Tail: Why the Future of Business is Selling Less of More, suggests that while the economic model of supply and demand describes scarcity, the Internet retail model is based on abundance. Digital storage costs are low, so a company can afford to make its whole inventory available online, giving customers as much choice as possible. It has thus become economically viable to offer products that very few people are interested in. Consumers' growing awareness of their increased choice results in a closer association between listening tastes and social identity, and the creation of thousands of niche markets.
Another effect of the Internet arises with online communities like YouTube and MySpace. MySpace…...