Music Industry Challenges

Knowledge@Wharton writes:

Wharton business and public policy professor Joel Waldfogel notes that the music industry’s journey isn’t as easy as it seems. The biggest task, he says, is still convincing young consumers that they can’t share their tunes at will. And to do that, the industry has to walk the fine line between wooing consumers and protecting copyright. “Part of the challenge here is cultural. The industry’s strategy has to change values about music.”

What has sparked [the] rash of experimentation in the music industry? Most observers suggest it was inspired by the launch of Apple Computer’s iTunes, which has quickly become a key means of distributing legal music for 99 cents a song. “It seems that Apple’s iTunes has opened the music industry’s eyes to the opportunity, rather than the threat, of the Internet,” says Whitehouse. “In the early days there were no alternatives. iTunes changed all that.”

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Rajesh Jain

An Entrepreneur based in Mumbai, India.