What about the recording industry you ask? The physical recording industry has most definitely taken a hit since the rise of viral marketing. The tools provided through technology in correspondence with the internet age have made it significantly easier for an individual recording artist to be heard through a seemingly easy process. Technology has advanced to the point where the majority of computers come with built in home recording studios. It is no longer necessary for an individual to even leave their home when recording a new song. There is no longer any need for outside services when you have the program automatically installed in your laptop. There is no longer any need to go out to the store and drop thousands of dollars on high-tech equipment. People are saving time, money and not to mention space (a laptop is minuscule compared to recording equipment).It has taken much longer for technological advances to hit the recording industry as you can see from the Dollar Value of Recording Industry chart shown to the left (Ziemann) than it did to hit the music industry sales.
I predict that in the future, Consumers will continue to move away from spending their hard earned cash on services that they can now-a-days provide for themselves. This will become an even bigger trend then it already is, which will cause the recording industry to suffer even more economic loss.
Ziemann, G. (n.d.). The numbers game -- value of the recording industry. Retrieved from http://www.azoz.com/topics/riaastats/value.html
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