Friday 24 January 2014

How has the credit crunch sped up the natural development of the music industry?

The credit crunch meant that lots of people were depressed and had little money and so they could not afford the escapism they needed. For the people who were affected by the credit crunch the greatest escapism would be music however new albums were to expensive to buy. So using the internet people were able to download singles instead of buying a whole album which proved very cost effective for the consumer. Furthermore, buying albums via download was much cheaper than a physical copy. Most people would want to listen to fun energetic music so that they can get away from life's problems. An artist that benefitted in the music industry from the credit crunch was The Gorrilaz. The Gorillaz, being a cartoon band, would find it difficult to do live performances and therefore went down the route of digitally distributing music more so than physical copies. People went mad for the singles that they bought out and so there sells rocketed on downloads as people were able to buy the songs singly.  With more and more artists taking advantage of single sells, digital downloads have become very popular with consumers and have quickly pushed physical copies away.

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