How Technology Took Over the Music Industry

The last ten years, technologically, have proven to be tumultuous in the music industry. The development and widespread uses of high speed internet, recording technology and software, and Apple, Inc.'s iPod and iTunes have all caused unprecedented shifts in consumer behavior and changes within the structure of the popular music industry. Because of these technological developments new business models servicing consumer trends, artists, and record companies have emerged, which has resulted in a fragmented and unsettled music marketplace. These technological advancements have affected artists and record labels in areas ranging from copyright, to artist and label compensation, contract negotiation, and consumer power and demand. While popular major record companies have had a difficult time adjusting to the new landscape, in their most recent strategies they have begun to consider and incorporate consumer demands into their approaches.