This article outlines shifts in the music industry over the last decade or so and their impact on artists’ revenue.
Appropriate Subject Area(s):
Entrepreneurship, business management, marketing, strategy, finance
Key Questions to Explore:
- How has technology changed the way we do business?
Introduction to lesson and task:
This lesson explores the impact of technology on the music industry.
Action (lesson plan and task):
- Ask students if they buy music in a traditional store, if they buy digital music or if they stream music. Discuss the differences between each.
- Using a T chart, have students compare buying music to streaming music from their perspective.
- Pair students up and have them do the same T chart but from the artists’ perspective.
- Combine pairs and have students complete the same T chart from the recording company’s perspective.
- Discuss the three difference perspectives as a class.
- Distribute the article for reading.
- Ask students why sales from music sales are not sufficient for an artist. Brainstorm ways artists can increase their revenue.
- Discuss the impact technology has had on the industry as a whole.
Consolidation of learning:
- Ask students to develop a T chart comparing and contrasting subscription streaming services to free on demand services for music from a consumer, artist and company perspective.
- Students understand the impact of technology on all aspects of the industry.
- It has been almost 20 years since the music industry has had significant growth in revenue. Have students do a timeline demonstrating why this has occurred. Have them project to the future what they think could transpire.