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© ITC/M. Labbé |
Trade in Sounds: How Technology has Changed the World of Global Music
By Martin Labbé, Online Marketing Adviser, ITC
New technologies have fundamentally changed the global music market. The advent of digital networks as a new promotion and distribution medium means that the investments required to produce, market and distribute music is now lower than ever before, offering small recording companies unprecedented opportunities to offer their products at affordable prices for consumers.
However, in many cases, piracy can still thrive in a context of expensive and archaic distribution methods, which in developing countries offer a marked contrast to the low price and general availability of pirate copies. As a consequence, earnings are sporadic and largely dependent on live performances, although the music industry contributes significantly to employment and gross domestic product figures.