When we look at the artists that have made it in the music industry, we usually notice that they’re earning substantial amounts. With sponsorships and backing from renowned record labels, there’s no doubt that the music business is a lucrative one. Not only does an artist earn from the sales of their records and albums, but they’re also paid top dollar for concerts, tours, personal appearances at parties, and sponsored content on their social media platforms. Of course, all these earning opportunities weren’t always open to musicians or anyone else. With technological advancements, music from one country was able to become a global phenomenon and shared all over the world. This increased the total potential revenue of the music industry by the numbers, and it continues to grow today.
The music industry has evolved drastically in the past few years, with the introduction of the world wide web in the 1990s being the main trigger of these changes. With musicians now able to put their content online and reach audiences on their own, the role of recording companies is no longer so important. In fact, musical artists now also have mediums to benchmark their expected pay or compensation for each song/record. The innovations didn’t all begin with the internet, however; from the time of the first accidental recording, let’s now have a look at the major technology milestones for the music industry: