Thanks to the growing authority and dominance of major labels in the music industry, they have unintentionally revolutionized how and when consumers listen to music, with the help of technology, of course. In this age of technology, the function and need of major record labels have changed dramatically and, in turn, have affected the market. A change in how consumers access music has led to a variety of different outlets where music can be accessed and distributed. Social media sites like Facebook and Twitter allow artists to communicate with the public for free giving them the opportunity to publicize their music on a global scale. Online streaming sites like Spotify and Pandora have challenged the role of major record companies in the industry, allowing customers to listen to music and create collections without purchasing entire albums. In 2010, the online music industry was booming and “in 2014, the industry's global digital revenues increased 6.9% to $6.85 billion. For the first time, the industry achieved the same percentage of revenue from digital channels (46%) as physical sales (46%).” http://www.ifpi.org/facts-and-stats.php While artists and consumers were benefiting greatly from these advances in the music industry, major record labels were losing significant revenue and had
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