The Transition of the Music Industry and its Effect on the Economy
Abstract Recent technological advancements have completely changed the entire world, and the music industry is no exception. The advancement caused not only the transition to occur in the music industry from CDs and records to online streaming services, but also dropped the production cost of music. People were able to create music at a cheaper cost which was supposed to democratize and introduce more competition to the market. However, this did not happen. Rather, the industry became more m...