2007 will forever be recognized as the year digital music took over the industry. Sales are set to grow 50% over the next 12 months, and with the digital music business becoming increasingly competitive, this can only increase.
At the moment, iTunes from Apple holds about 80% of the market, but this is all about to change. Amazon MP3 is looking to take a chunk out of Apple’s monopoly, while UK companies like Woolworths and HMV are also looking to get in on the action.
Then there’s Nokia, who will also be putting up their challenge. As more and more companies branch out into the digital music industry, the way we buy our songs and albums is going to change
Bands like Radiohead, Oasis, The Charlatans, Jamiroquai, Nine Inch Nails, and so on, are also joining in the fun and embracing digital downloads. The public is fed up of overpriced CDs and record labels are going to have to take note.
With CD sales plummeting, the digital music revolution is gaining strength.
One point of concern is how this will affect smaller bands. Radiohead can give away their music because they have enough fans to be able to do so, but newer bands don’t have this power. With fans now able to pick and choose songs at will, some analysts are speculating that people are actually spending less, despite the digital industry growing.
Only time will tell how this will shape the music business for us all.
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