Remixing Business Models: Technology and the Future of the Modern Music Industry

The music industry has undergone significant changes over the past decade. The growth of the Internet has caused record labels to reevaluate the ways in which they obtain revenue, market their products, and compensate their artists. However, the industry as a whole has been very slow to adapt to new technology, which has caused widespread industry problems such as music piracy and reduced revenues. In addition, new forums for showcasing new artists, such as YouTube and other social media outlets, have given new artists increasing power to market themselves and achieve success with a reduced reliance on the resources and guidance of record labels. This article will give a brief overview of the scholarly research on the topic, examine the specific ways in which technology is changing the music industry, and provide suggestions as to how record labels can continue to adapt and remain successful for many decades to come