YouTube was launched in the year 2005 and had gained huge popularity soon after its launch. In just 2006, its worth had increased to $1.65 billion and was purchased by Google Inc. With the introduction of YouTube, there was a massive change in the trends of music industry. Earlier, the major sources of listening to music were live concerts and music CDs. However, the digital form of music was liked more due to convenience forlisteners. It enabled them to listen to their favorite bands and albums within the premises of their homes.
Though it provided great opportunities for music lovers to enjoy different kinds of music mostly for free, it caused a greatdecrease in revenues for music artists and their teams. The major reason is that the website does not offer royalty for most of the music and illegal content is also available in abundance for all the users.
YouTube has emerged as the golden opportunity for listeners and fans of the music brands. Now it has become very easy to access latest or old music with a few clicks. There is a vast collection of
music in the form of video files. These videos can be searched by entering the name in search bar or by going through the list of categories. Furthermore, there are various channels that can be subscribed in order to stay up to date with their latest released videos on different topics. Almost all the videos are available for free.
Opportunities for New Artists:
It has become comparatively easier for the struggling artists and singers to reach the audience via YouTube and other similar websites. A large number of modern day inspirations reached this level due to digital music sharing sites. They can now share their music with billions of audiences belonging to different corners of the world. The task was much more difficult when physicaldisks were the main source of listening to music.
The major source of earning through YouTube is by advertisements. Before the introduction of YouTube, people used to purchase music CDs or tickets of concerts, which helped music artists earn profits. But now most of the people prefer listening to online music or downloading it. As a result, advertisements have become the major resource of revenue,but it is too less as compared to the price of CDs or tickets. Though Google claims that revenues are paid fairly on the basis of royalty,but these claims often lack proofs.
It is not possible to disregard the importance of digital media in the modern world of technology. On one hand, it has helped people enjoy music from far and different parts of the world for free. While on the other hand, the revenues have decreasedfor the music industry due to illegal content. It is necessary to quickly solve the royalty and copyright issues for the long term benefits. Despite a few issues, the popularity of YouTube and online music is increasing day by day.