Music Influences the ecomony
"We have the opportunity to create a personal jukebox in the house and car." "This is the takeoff point for the music business" ("A Little Net Music", 34). These statements by AOL Chief Executive Stephen M. Case reflect the latest trend in the music industry for the distribution of recorded music. Advances in technology now allow individuals to record their own digital copies of music, with its high fidelity, from numerous Internet web sites. In 1999 approximately 100,000 music downloads were officially recorded, by 2004 these downloads are projected to reach over 1.2 billion. The music industry is big business and its actions influence the nation's Gross National Product (GNP). "Universal Music Group had revenues of $3.75 billion in 1999" ("Turning Traitor", 32). "But that's a fraction of the $40 billion that the recorded music industry racks up in sales" ("A Little Bit of Net Music", 34). The cost of doing business in the music industry is very high and the music companies are trying to figure out new ways to get their products to consumers and for them to buy them. This trend in music (switching to Internet based systems) can influence the economy by changing the traditional methods of retail sales and increasing the com
Many businesses have already used the Internet to bypass traditional retail merchants. ' So if Napster wants to put my song out so people can download it or whatever, let 'em do it. The retail outlets could stop promoting the music companies releases or force them to accept all their inventory of existing CD at full value. It took American Carmakers more than decade to adapt to competition from more nimble, higher quality Japanese rivals" ("At Atlantic, "My Beef is Not Getting Paid", 118). Napster provides a web site that allows users to gain access to music files from other users by downloading them for their own personal use on their computer. These programs allow a person to go to an Internet web site and by using the program download digital copies of the music. One such company that provides the software and downloading service is Napster. It was just getting people to hear my music and say, 'Hey, I like your song. Napster highlighted several current problems with the music industry (retail costs, distribution, and development) and they reduced the music company's profits. "The cost to send a song directly over the Net is $1 and dropping rapidly. With so many people using the Internet to download music, whether Napster survives or not, music downloading will continue. The music companies will have ancillary changes in how artists and retailers are developed and paid.
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