In the ten years between 1999 and 2009, annual recorded music revenues in the U.S. collapsed from $14.6 billion to $6.3 billion. Piracy in the form of digital file sharing was to blame. By 2019, revenues had recovered to $11.1 billion. Streaming was cheered as the industry’s savior.
Why? Because the next technological development on the horizon will make the power structures and copyright legislation the industry relies on today totally redundant. When Napster arrived at the turn of the millennium, the music business was caught off guard and a simple piece of file-sharing software would be enough to bring it to its knees. Today, peer-to-peer torrent sites still thrive despite attempts to shut them down. Usage of stream-ripping sites, which let users pull and download content directly from streaming services for free, has increased by 1390% in the past three years.
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