• Explain the term “file sharing” and how it has affected the economy of the music industry.
File sharing is exactly what it sounds like. It is “sharing” or distributing files of digitally stored information. File sharing has really hurt the music industry. Music piracy is now the preferred way of getting music. And it is so easy to do it too. Twenty years ago, if someone liked a song but did not want to buy the record or cassette, they would have to copy it straight from the radio. That was pretty difficult especially if the cassette was not ready to go. Now all someone has to do is download a program and search. Sure you can download the song on iTunes, but that costs money. And why would anyone want to spend money on something when they can get the same thing for free?
• Will digitized music spell the end of the major record labels?
I do believe digitized music is the beginning of the end for major record labels. This was bound to happen. Established artist especially have no reason to be locked up with a record label. People already know who they are, so they do not need the record label’s help. Though recently the major record labels have teamed up and try to compete with digitized music, in specific iTunes. They have come out with a new program called Music Unlimited that. This basically allows them to dictate the price, unlike the set price that iTunes has. Record labels have a heart beat, but it doesn’t look good.