MUSIC INDUSTRY CRISIS

For most of the 20th century record companies make money by selling a tangible product - a vinyl or a CD. You owned music by having a disc collection.

I don't think having CDs of that important unless you really like that artist. Buying off of iTunes is better as it's more portable and I want to listen to music everywhere I go without streaming it.

With the Internet The music industry has to adapt as CD sales are falling each year. The product is now bought online as a single song or album and exists only as an item on an iPod mobile phone or computer.  In 2009 95% of the music was downloaded illegally.

Music industry claimed victory in 2009 when 4 men behind the file sharing site Pirate Bay were ordered to pay 2.5 million in damage for helping users to illegally download films movies albums etc. 

De-commodification - The CDs have lost their value and status. E.G - HMV had lots of store closures as they can't compete with iTunes.