Wednesday, May 14, 2008

New Market Sector for Music

Everywhere we look we can note examples of how new media innovations are "pimping up" almost every facet of our lives. Music, for me, has been an important part of my identity and through it, I seek to put meaning in my life. It is therefore extremely clear that new media innovations in music would be an interesting topic for me to consider.

One such innovation which music is faced with would be the online purchase of music. I realise that there is some overlap with the Ipod section included in this blog but I thought I'd speak from my own perspective.

Nobody can dispute the fact that traveling to a music store to buy an album (and risking the album one is searching for is not in stock) can seem like a chore to some. Who would not consider downloading an artist's new album from the comfort of one's own home to be extremely convenient? Furthermore, the extremely competitive prices ($9.99 standard (http://www.coolfer.com/blog/archives/2006/05/itunes_album_pr.php)) aids in enticing more people to purchase albums via this approach.

Of course, many people (including myself) still prefer to purchase albums in a more physical form (with a cd case and album jackets included) with the general sentiment that they are receiving more for their money than just a series of songs in digital format on a hard drive. Judging by the success of Itunes (a major market leader in online album sales) however, it seems as though many people do not mind paying $9.99 for an album in digital format when $14 seems to be a general price for ordering albums from Amazon.com. It leads me to wonder if the Itunes craze is in fact the future, a future in which I (and people with a similar opinion to me) are merely slow in keeping up with. Time will tell.

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