Everyday life is filled with music. We have radios in our homes and our cars, CD players and mp3 players. More portable than ever, music goes with us for everything we do. The music industry has ample opportunity to reach out to fans in a variety of ways. To the musicians, this might be about sharing their art, but in the music industry as a whole, it's about making money. Fans spend billions of dollars each year worldwide to support the industry. To support that money making machine, thousands of different roles are required to make the music we hear. With so many people involved in the process, how do they still make so much money? It makes money from a lot more than just album sales.
For a small beginner band, it might not seem like the industry has much to offer. Beginning bands struggle to get their foot in the door and make any money. That's because it is so vast, and so competitive. Fans have a variety of options to satisfy their music craving. As technology advances, the industry can reach more people, and saturate us with the music we love. All the music we hear comes at a price, though. Album sales are just the start. Album sales are probably the best known way that music industry makes their money. The money we spend to purchase music goes to record labels who own the rights to the music. Rights are another way the music industry makes money. Original music is copyrighted and owned by an entity. Whether it is a songwriter or a performer, someone owns the rights to that music. Often, when a label releases the music for a songwriter or musician, the rights are assigned to the record label in return for royalties. Any time that music is performed by someone else, they are required to get permission, and pay royalties for that right. That means the current owner of the music, as well as the original creator, make money from the reproduction of that music. Royalties and permission to perform are complicated, but it is another way the music industry makes money. Fans love to support and stay involved with their favorite artists. That's why millions are made every year in the sale of merchandise. T-shirts, hats, and any other item that carries the name of your favorite artist is a product of the music industry. The sales of those trademarked items bring in a large portion of the music industry's money.
In recent years, one technological development has begun to hurt sales for the industry. The ability to download music has become a major financial and legal problem for the industry. Because artists are entitled to royalties for the sale or reproduction of their work, downloading music for free on the internet is stealing their profits. Laws have been passed to make this practice illegal, and many individuals have paid the price for downloading free music. Music downloads, or pirated music is still a common practice the music industry will have to overcome, but they still have plenty of other ways to make their money.
The music industry has long been a major player in the entertainment sector of our society. Fans will pay big bucks to have their favorite music and to support their favorite bands. Over time, the industry will evolve even more to overcome it's challenges and provide the proper compensation for its artists. We may spend a lot of money with them, but fans agree, music is worth the price.
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