Record industry
From ArticleWorld
Part of the music industry, the record industry earns money by selling sound recordings of music. The music industry was dominated, for many years, by the publishers of sheet music. The importance of recorded sound steadily grew, and around the end of the First World War, records began to outsell sheet music. Mass production allowed the manufacture of music recording at a hefty profit.
Price fixing
Over the years, there have been many accusations of price fixing by the record industry. The Recording Artists’ Coalition was formed to represent the member of the music industry against unfair treatment by the record industry. Tension between the two industries has always existed, and continues today with the constant development of new technologies. Some compare the record industry to the buggy whip, an industry that no longer exists, because the product is no longer needed. They worry that, with the increase in file sharing technology, people will stop buying sound recordings.
Record industry organizations
- Recording Industry Association of America (RIAA)
- National Association of Record Merchandisers (NARM)
- Australian Record Industry Association (ARIA)
- British Phonographic Industry (BPI)
- Canadian Recording Industry Association (CRIA)
- Irish Recorded Music Association (IRMA)
- International Federation of the Phonographic Industry (IFPI)
World domination
Statistics show that about 70% of the world music market, and about 85% of the American music market, is controlled by only four recording companies. This global market is estimated to be worth 30-40 billion dollars per year. The big four:
- Universal Music Group (USA/France) – 25.5%
- Sony BMG Music Entertainment (Japan/Germany) – 21.5%
- EMI Group (UK) – 13.4%
- Warner Music Group (USA) – 11.3%
The remaining 28.4% is divided up by a large number of independent recording companies. Many of these specialize in specific types of music. Some people refer to independent record companies as RIAA safe. This means they are in no way affiliated to the RIAA. The term is often used in relation to file sharing.