From Phonographs to Spotify: A Brief History of the Music Industry

From Phonographs to Spotify: A Brief History of the Music Industry

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Language: English

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Number of phrases: 114

Number of words: 732

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00:01
[Music] what happens when you take one of the most stream songs of all time say Drake's one dance and record it on to the oldest format of recorded music a wax cylinder okay not great but fast-forward to today and a lot has changed we no longer really own music you just stream it streaming is almost entirely responsible for getting the
00:31
industry back on track but the question is now can streaming take it back to its heyday after fundamentally changing the way we consume it maybe but first let's look at how we got here so back to that phonograph this was
01:02
the start of it all Hannes Edison's invention meant that for the first time people could listen to music from the comfort of their homes and it could also be shared and sold as the photographs popularity grew a few enterprising Americans came together to form what is now known today as Columbia Records over the next five decades the phonograph took different forms from this cylinder
01:35
shape to flat disks until finally being replaced by in 1948 Columbia Records introduced the long-play allowing for multiple songs on one record vinyl remained the dominant recording format for most of the 20th century as rock and roll blues and country kicked off sales P and albums sold out but by the late 50s new
02:17
technology would again rock the industry when first introduced the RCA magnetic tape wasn't a game changer but being able to record music on a smaller device for greater portability inspired a series of innovation adoption by car makers ensured a walk rise in the tapes popularity and by the late 60s most cars offered 8-track players walk for the first time driving down the interstate and listening to say the Beatles was
02:54
possible Road chips got a whole lot more exciting but it would be so neither changed the game with the iconic with the Walkman listeners could take music with them whenever and wherever around the same time MTV launched giving record labels an opportunity to market their music [Music] for artists that meant it wasn't just
03:25
about the song anymore but the ability to offer a whole artistic package and that became a big focus for icons like Madonna and Michael Jackson but with the rise of the digital era came the unraveling of the deceptive thanks to booming CD sales the music industry parties like it was yeah 1999 profits
03:56
peak that year with fourteen point six billion in sales in the US alone there was Nirvana and to pop the Spice Girls Oasis Backstreet Boys Britney Mariah and Selena unfortunately you can only party like it's 1999 for so long software like Napster paved the way for a new era of piracy CD sales plummeted as more and
04:28
more people logged on free music didn't sit well with the music industry and they fought long and expensive legal battles eventually seeing some sites shut down but the damage had already been done sharing music over the Internet was here to stay I've got an iPod here and true with the introduction of the iPod and mp3 players the industry did see a boost from digital downloads but it wasn't enough to make up for the dwindling physical format sales and artists were forced to tour more to
05:00
bring in the dough meanwhile streaming was just getting started some companies introduced subscription models with limited music libraries while others like Pandora operated as internet radio stations with ads but the breakthrough came in 2011 Swedish startup Spotify managed to do what the others could not license a vast library of music instead of buying and owning the songs and albums we started
05:30
listening to ads or paying monthly fees in exchange for access to essentially all the music in the world over the following years there was an explosion of services artists and labels now count on these services for the bulk of their profits from recorded music while many argue that artists are not being paid enough although streaming is responsible for huge revenue growth in the industry tech companies aren't yet making money from it and it's still not clear how they will as they continue to prioritize
06:02
growth over profits plus if history is any clue it won't be long before new technology shakes everything up again

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