I came upon this article the other day and thought it was interesting:
http://seekingalpha.com/article/238741-how-the-music-industry-s-transformation-is-paving-the-way-for-monetization-opportunities
According to the article, CD's replaced cassette tapes twenty or so years ago. The technology brought about concerns from record label companies, mostly about piracy. Today, we are witnessing another shift: from the use of physical to digital media.
While revenue from CD sales may be down, more people are exposed to music. It is not all that bad for the record label companies. There is a greater fan base and more concert ticket sales.
On the other hand, with websites like Youtube exposing artists to a wide audience, music artists no longer need to be signed by record companies in order to be successful musicians or to be well known.
That being said, people are the ones who have greater power in determining who becomes famous. In the past, record companies had more of a say.
How the tides have turned!
(credit to http://us.music-jobs.com/blog/wp-content/uploads/2010/12/broken-cd.jpg and http://blogs.wyomingnews.com/blogs/backstagepass/files/2009/09/youtube_logo.jpg for images.)
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