21st Century music
Published on Dec 08, 2015
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PRESENTATION OUTLINE
In 1945, "Oklahoma!" Set the record for highest selling album with 500,000 copies sold
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There have been 7 albums since that have sold over 40 million copies
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"Welcome to the digital music revolution" - iTunes
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To date it has sold over 25 billion songs
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iTunes sales were more than $4.5 billion in the most recent quarter
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"I want people to get the music for the fairest price, and in the most convenient way. And that's really turned into iTunes when you're talking about selling albums." -Kid Rock
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The same artists that benefitted from iTunes are now being hurt by illegal downloading
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Limewire, for example, reached over 50 million users...
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...before being sued for $75 TRILLION by the RIAA, and forced to shut down
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The annual damage on the economy from music piracy is estimated at $12.5 billion
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This includes 70,000 lost jobs and $2 billion in lost wages
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And, piracy is falling: 40% of those who illegaly downloaded in 2011 didn’t in 2012
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As long as piracy is kept under control, the digital space will be good for the industry
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"It is piracy, not overt online music stores, which is our main competitor." - Steve Jobs
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SOURCES
Apple. (2014). Apple Investor Relations.
Apple. (2014). Apple Press Info.
Lipshutz, J. (2012). Kid Rock: The Billboard Cover Story. Retrieved from Billboard.
NPD Group. (2012). Music File Sharing Declined Significantly in 2012. Retrieved from NPD Group.
Reporter, I. S. (2011). LimeWire Sued for $75 Trillion. Retrieved from International Business Times.
RIAA. (2014). Top 100 Albums.
RIAA. (2014). Who Music Theft Hurts.
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