Uncommon Ways The Music Industry Affects The Economy

Over many generations, the music industry has created some interesting types of music and genres. You may be thinking how a whole industry can relate to economics, but they have a lot more in common than you think! Economics is the production, and consumption of goods and services.

Well, the music industry provides production type of music, these are the ones we are able to hear on the radio or on our smartphone devices. The music industry provided us with goods (the good quality of music), and services (concerts). This is how they relate to one another and may not be different at all. We all have a favorite song, it’s good for something!

Since the economy provides the people with goods and services, they also provide them with the availability of streaming music online. Nowadays, people can convert any song to an .mp3 file and save it on their smartphones.

This caused major decline in sales for the Music Industry, people used to buy CDs to listen, now all they have to do is stream online and they will have it on repeat. This is a huge economic factor affecting the music industry, especially since more companies are rising that provide high quality downloads to users.

These music companies are but not limited too Spotify, YouTube, Apple Music and Pandora; which have taken off due to their provided music plans. However, some artists believe music is an art and should be paid for; which means that the music industry may slowly gain their sales back

The music industry is affecting the economy is a more positive impact than vise-versa. Each person has their own likes and dislikes, this allows them to be picky about the type of songs they would like to listen too. You will find people with the same taste of music, thus connecting on social and economical grounds.  When a concert occurs, people unite in one area to watch the show. This allows citizens to feel close to one another, and safer knowing there are a lot of people around them who share the same values as they do.

The music industry effects the economy by giving job opportunities to people, whether wanting to be a music producer or a musician. This fuels citizens into excelling their careers, as well as artist growth within the city itself.  

Have you ever had a concert in another city and wanted to go so bad? Well, that’s one way the music industry affects the economy, it increases tourism within that city and attracts more people to come sight-see and discover what the city is about. As well as spending throughout their whole stay.

Music is an art, it is rising to become something more powerful than it already is, and when that happens, we all would have some amazing music to listen too.