Spotify brought a revolutionary change in the music industry satisfying the needs of both the audience and the music industry with its innovative tactics. iTunes made some changes in the contemporary music scene, there was much to do to change the mentality of an entire generation that believed in getting free music.
According to RIAA, the revenue dropped from the highest $14.6 billion in 1999 to only $6.7 billion in 20. to lose over half of its value at the beginning of the 21st century. Soon illegal piracy started and people could get their hand on any music they wanted for absolutely free. Suddenly they were shared among peers as digital sound files. The songs were previously sold in physical forms such as CDs and vinyl. The file-sharing platforms like Limewire and Napster made it easy for people to share music files with each other.
Though it was quite cost-efficient for the audience, it was not at all profitable for the people in the music business. The music industry we see today was not so smooth and easygoing in the ‘00s.
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