How will the music industry weather the globalization storm?

The music industry is [still] in a genuine maelstrom. Globalization is affecting this industry more than many other industries and it is primarily induced by developments in Information Technology. The foremost avenue for change is through the institution providing the foundation of the industry - copyright, which [may] be largely disabled. The oddly global and local structure of the music industry [,premised on copyrights, might] be undergoing some fundamental changes. The roles of music publishers and record companies especially [may be] about to alter. In an institutional economic analysis, I will analyze the present situation in this industry, where Information Technology impacts on this system, and how in general the industry is likely to change. [The original article was featured in the May of 2000 issue of First Monday - much has changed since then, but much of my original text still seems to have some validity. What may have changed, however, are the likely prospects for this industry, especially for incumbent firms.