The Music Business is in charge of producing, distributing and promoting the music that an individual or a group of people make. In the act of distributing and promoting this music, the business can use many media like radio, TV, concert and new media via internet.
Here are some basic facts about this amazingly interesting industry that everytime amazes more and more.
Did you know...?
Did you know that according to a study made by eMarketer, the Worldwide Music Industry Revenue has increased from $60.7 billion (2006) to $65.0 billion (2009) and it is expected to increase to $67.6 billion on 2011?
And that the Worldwide Music Publishing Revenue has increased just from $8.0 to $8.9 billion from 2006 to 2009 and expected to increase to $9.4 billion on 2011?
It is clear that the Music Industry has been affected by new media convergence; now people steal music (piracy) instead of buying it.
According to Jupiter Research, the amount of loss attributed to file sharing in the UK is of 180 million in 2008 and is expected to get to 1.1 billion by 2012.
The number of potential employment losses from piracy to music, film, and TV sectors in the UK is of the incredible amount of 30,000 jobs! (Europe Economics)
In 2008, 7 out of 10 people prefeer downloading music for free rather than paying for it.(Entertainment Media Research)
It's been an ardous fight againts piracy in the last years, so now the Music Industry is trying to think on how to win this battle and using New Media to their convenience.
7 of 10 people in the UK downloading music ilegally would start paying for the service if their ISP (Internet Service Provider) told their so.
And now, thanks to services like ITunes, British citizens have had the biggest increase on digital sales in the Music Industry since the first half of 2008.
As we can see, the UK is taking action over the slow movement that the music industry has had over this last years. And as everything else, the Music Industry is going online!
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