Executive summary

The world music market reached a saturation state in 1995 after a strong growth period that
was initiated by the introduction of the CD format in 1985. Between 1995 and 2000, the
music market experienced a 1.5% CAGR decline in value (Fig 1).

The music recording industry (MRI) is dominated by what was formerly known as the big 6
that comprised the recording labels of Warner, EMI, PolyGram, MCA, BMG and Sony.
However today there have been two mergers between Warner and EMI and also Sony and
BMG to that forms dominance by four music recording companies. The MRIs main stream
of revenue is through the sale of CDs that are predominantly sold through the retail outlets.
A new threat to the established music industry emerged in the late 90s with the appearance of
Internet sites such as Napster allowing free access to music. The online downloading of
music from the Internet has ripped apart the old business model of record companies
controlling the production of albums which are purchased through record shops. The last few
turbulent years have seen many high profile law suits; some of which went in favour of the
music industry and some of which went against.
The value created by this new distribution mode for music attracts many players. Both
incumbents and new entrants are building their capabilities to compete in this market. Their
different approaches are a consequence of their different current positions and competitive
advantages. This report looks at the Music Industrys current business strategy, the changes
to how music is used the consumers. The advancement in technology and how this has
affected the music industry.

1 Apply the value chain and competitive forces models to the music recording industry.
For many years the recording industry has been threatened by the impact of
technology.
Steven Hannaford (2003) says that music is in transition from being a tangible
commodity to becoming an intangible one and this de-materialization of music
has the big five companies worried, and with good reason. U.S. retail sales of

recorded music dropped from $13Billion in 1999 to $10.6Bn in 2003 (Keagan 2004), while
the popularity of digital music has grown. Meanwhile, Apple iTunes customers grew from
861,000 in July 2003 to 4.9 million in March 2004 (Borland and Fried 2004), reflecting
digital musics new role as a strategic necessity of the music industry. Analysts predict that in
five years 20% to 33% of all music sales will shift from CDs to digital distribution (Keagan
2004).
The value chain model is an organization's set of linked, value-creating activities,
ranging from securing basic raw materials and energy to the ultimate delivery of
products and services. With this in mind the music recording industry may have to

change its value chain and business models to adapt and survive in this modern digital world.
The following figure demonstrates the traditional value chain.
Figure 2: Traditional Music Industry Value Chain:

Figure 2, shows the main drivers for value in the traditional recorded music value
chain include copyright and licensing, production, distribution and inventory, and promotion
and marketing costs (Blockstedt, Kauffman, Riggins 2004).
For digital music, there is no longer a physical product to manufacture. Instead the product
itself is information: the digital music recording (Blockstedt, Kauffman, and Riggins 2004).

The nature of the new digital music format is a key driver of the new virtual value chain in
the industry. The following figure illustrates a new outlook on the digital music value chain.
Figure 3: Digital Music Industry Value Chain

Figure 3, shows the added value to the music product from manufacturing and distribution is
decreasing, but digital music retailers add new value. With Internet distribution and music
piracy, they can now add value through marketing, promotions, copyrighting and licensing.
There is also value added through enforcement of IP rights and piracy prevention (Blockstedt,
Kauffman, and Riggins 2004).
The most important support activity of the firm value chain is the technology as the music
recording firms entered into online music sales. Major five music recording company made a
contract with Apple that provides any music in their catalogues on the iTunes Music Store.
Also, the music recorded by the musicians is all stored digitally.
The most important primary activity of the firm value chain is the sales and marketing, which
is the activity that promoting and selling the firms product. The music recording firms now
sale their product not only by selling music CDs ($14.19 per CD on the average) but also by
selling digitised MP3 music file (about 99c~$1 per song) through the online music download
service such as iTunes.

The competitive forces model can be used to evaluate the music recording industrys current
situation and what business strategy they may employ to maintain and generate new sales.
In Porters competitive forces model, which is illustrated in Figure 3, a firm faces a number
of external threats and opportunities: the threat of new entrants into its market, the pressure
from substitute products or services, the bargaining power of customers, the bargaining
power of suppliers, and the positioning of traditional industry competitors (Porter 1985). The
nature of the players in an industry and their relative bargaining power determine industry
structure and the overall profitability of doing business in the industrys specific environment.

Figure3: Forces Driving Industry Competition. Source: M. Porter, 'Competitive Strategy:

Techniques for Analysing Industries and Competitors', New York: Free Press, 198.
Various forces affect an organizations ability to compete and therefore greatly influence a
firms business strategy. There are threats from new market entrants and from substitute
products and services. Customers and suppliers wield bargaining power. Traditional
competitors constantly adapt their strategies to maintain their market positioning.
The Internet has completely remodelled the competitive forces model for music industry over
last few years. Digital technology meant that media, including CDs, could easily be copied
without loss of quality. The arrival of MP3 meant that the copied version could be
compressed without any noticeable drop in quality; this makes the distribution much easier.
The internet offers a network where the copies can be exchanged. After Peer-to-Peer
programs such as Napster were invented the general population was able to obtain a nearperfect copy of a CD for nothing. The competition arises from:
Industry competitors:
Five major recording labels EMI, Sony Music, BMG, Universal Music Group and Warner

Music Group account for about 80% of the market share worldwide. The companies which
embrace new business models/strategies will gain a competitive advantage which ultimately
will help them to survive in the new digital music environment.
Potential Entrants:
The five major labels cannot take their market share for granted anymore as many artists are
cutting out the record companies and establishing their own website from which they can
promote their music, the competition naturally becomes more ferocious. Companies such as
Napster, Grokster and Apple limits the recording labels profit as the sales of CDs drops and
the downloading of digital music rapidly increases.
Substitutes:
If a record companies product isnt priced right, or not delivered in the right format, the
consumer will find an alternative way to obtain the product such as download it from the
internet or burn the CD from a peer.
Buyers:
The power of the consumer has increased due to the availability of music online.
Consumers can now download music for free, instead of having to make a lager purchase
for a CD in a traditional music store. This requires record companies to sell their product at a
lower price and through different channels. Luckily, they have begun to do this (iTunes from
Apple for example). Record companies need to listen to the wishes of consumers as they
cannot prescribe a format or a channel.
Suppliers:
Due to the introduction of the internet, artists have become less dependent
on the traditional networks of the record companies. Authors can directly promote their
material through their own website. Some completely by-pass the record company altogether.
The author gains more control over their own product and the record company now has less
control.

Threats:
1. A new market entrant - this threat has small influence as the music industry is
monopolistically dominated by major five firms.
2. Substitute products and service - this threat influenced the music industry greatly as
increase of the number of people downloads music for free through online file-sharing
services. It influenced sales of music CD to decrease and led many people to violate the
copyright law.
Opportunities:

The bargaining power of consumers and suppliers are increased as the Internet technology is
now available for everyone. Especially the bargaining power of the consumers increased as
the music download services became popular. The firms struggle to prevent people to
download music for free through online file-sharing services, but now they applied music
download service so that they can sell music on the Internet and provide music to the
consumer legally. The Internet technology did expand the music industrys business
opportunities.

Table 3-5 summarizes some of the potentially negative impacts of the Internet for business
firms.

2. What role did the Internet play in changing value propositions and the competitive
environment? To what extent has it been responsible for declining CD sales? Explain
your answer.
The Internet And Its Effect On The Music Industry Value Chain
The purpose of this paper is to explain why the growing popularity of downloading music
from the Internet gave rise to a new music industry value chain that differs considerably from
the traditional value chain.
The Internet really revolutionized the way we use, buy and listen to music. It
might have reduced the dollar value of sales to artists and producers but it
increased the value of music to listeners, allowing us to here the music\album by
simply downloading it to see whether we enjoy it or not. We no longer have to
pay 16-20 dollars to buy an entire album when mostly we will listen to a
maximum of four songs, we can now just purchase the songs we want or (in
Canada) download them for free. Therefore using the definition that customer
value proposition is what the customer gets for what they pay for, then we feel
that the value has gone up for both the consumer and the industry releasing the
music. The value for us again is that we can pay for exactly what we want using
software platforms like ITunes, instead of purchasing whole CDs. Looking at the
industry, at first they may think they will be loosing money, yet if illegal
downloading is stopped, they are actually looking at possible making more
money. Looking at the side of how the Internet has changed value proposition,
including free downloading, again it gives us the better value because know we
are paying nothing for songs we want. For the consumer it is great but for the
industry they are outputting money and in turn are recovering very little from
sales. The Internet has revolutionized the competitive
environment in two ways. 1. The industry is releasing fewer titles from fewer
artists the case states its down 14% since 99, therefore promoting less
competition. 2. With putting music on the Internet using websites like MySpace
and other blogging sites, more independent unsigned artist can file share music
allowing them to create a fan base without actually having a major record label
market them, thus promoting more competition. The Internet also allows global
competition rather than what the music industry was like prior to its creation,
where once it was near impossible to find and listen to other countries artists,
today its as easy as a simple click of the mouse. The internet has been
responsible for declining CD sales to an extent because of being able to
download music for free, yet with the introduction of selling singles online, the

industry will start to see their profits return, maybe not by increasing CD sales
but just by single sales. Also with the Internet if properly used it can be easier to
market full albums and older albums that are hard to find in stores. In conclusion
I think the Internet with start to increase profits for the music industry rather
than hinder it like it has in the past.

The internet has helped usher in the "New Age of music/media access. The internet has it
used its technology infrastructure to make this happen. The production of music as a saleable
product is a relatively recent phenomenon The market for music began with the sale of music
sheets in the nineteenth century, but it was fully developed in the twentieth century when
music was sold stored in the form of vinyl records (LPs), cassettes and so on (Graham et al.,
2004).
One must first consider how the internet moved music from vinyl and cassette to a digital
infrastructure and how the infrastructure has evolved to lead enable or address changes in the
industry value chain. Through inexpensive distribution methods, the music industry can
deliver content with a lower overhead cost structure and enhance consumer experience by
offering on-demand downloads, satisfying their emerging need for instant gratification.
Online retailers have a set of advantages comparing to brick-and-mortar retailers: brand
flexibility, product selection, cost structure, information access. This is particularly apparent
in product categories where customers may want more information about the product.
Enabling the internet to lay claim to being a new age retailer?
The traditional value chain was horizontal and started with artist followed by production,
manufacturing, sales/marketing, distribution and retail sales at a brick and mortar store. While
the new more accessible digital or online value chain follows the same horizontal path from...

Large music labels have made statements since the late 1990s regarding the Internets damage
to music sales through piracy by showing the decline of CDs sold year over year. However,
the music labels themselves did not realize the sales opportunities that could be provided by
the Internet and only saw a damaging environment. The same music labels also neglected to
take advantage of the Internet as a new venue to find popular music artists. As with all types
of modernization, understanding takes time, and the music industry is beginning to come
around by offering portions of their libraries for sale through sanctioned distributers like
Amazon and iTunes as well as taking notice of new artists found through sites like YouTube.
The Internet has helped the music industry by providing new methods of music distribution
as well as a global arena for self-promotion by new artists. The Amazon MP3 store has
provided a place for music lovers to find new music as well as provide a digital storage space

for all new purchases. One of the best features is Customers can now store all of
their Amazon MP3 purchases for free in Cloud Drive, (Amazon.com, Inc., 2011). The Cloud
Drive helps to ensure safety of purchases as well as the continued availability of the MP3
regardless of any hardware malfunction. By allowing access to the Cloud Drive in a native
application for both Android and Apple products over 35 million Americans can buy new
music and stream it anywhere there is an Internet connection. Amazons MP3 store also
includes the ability for users to comment on albums and songs. By having first-person
reviews by ordinary music lovers, Amazon has taken out some of the guesswork on whether
or not to make new music purchases. On the front page of the Amazon MP3 store there is a
promotion section specifically for new artists. The Artists on the Rise section includes
recommendations based on similar...
The value proposition of CDs has decreased due to the increase in music available via the
internet and new technologies. With the introduction of larger memory systems and digital
music the need to physically own a CD has declined.
The competitive environment of the music market is changing, new forms of entertainment
and technology are taking over and altering the way we use and play music. Compact discs
are not obsolete but the way we use and access music is changing. People are relying more
and more on other forms of entertainment.
Many internet users choose free music downloads over purchasing music. It is estimated that
37 million Americans have downloaded music (Laudon p.143).
In 2000, CD sales were about $35.5 billion, in 2001 sales fell to $33.7 billion, a decrease of
5% (laudon p 144).
The Recording Industry Association of America (RIAA) is amongst those that blame the
access to, and downloading of, free music for the declining CD sales. But not everybody
believes this is the full reason.
In an article in Newscientist (2004),Felix Oberholzer-gee, Harvard Business School
Massachusetts, and Koleman Strumpf, University of North Carolina concluded with their
research that '....at most, file sharing can explain a tiny fraction of this decline'.
In that same article Amy Weiss of RIAA states that countless well respected groups and
analysts have all determined that illegal file sharing has adversely impacted the sales of
CDs.
Research by people independent of the Music Industry seems to suggest other factors for the
decrease in CD sales. These include
- other forms of entertainment
- introduction of new technology and storage systems
rising prices of CD's
- less new releases
- weak economy
Some researches believe that digital downloads have in-fact increased the sales of music. A
survey by Jupiter Research found that of a survey of 3,319 people found that file
traders were reporting that they now bought more music than they had before

From his research Oberholzer-Gee suggests that file sharing has little or no effect on the
amount of sales saying [File sharing] is not as dangerous as many have believed. The
music industry's ability to influence what people listen to seems almost unbroken, and
that that industry marketing - video play on MTV, for instance - seems to affect
downloads as well as CD sales.

The internet has played a significant role in changing the value propositions and the
competitive music industry. The following are some key issues relating directly to the
Internet.
(1) P2P (person to person) file sharing software over the internet
(2) Fast internet access worldwide
(3) Availability of data copying (Ripping) software on the internet. File converters e.g. From
CD to MP3 format.
The Internet, information superhighway as it is commonly referred to have changed the
publics sense of value in regards to music. With high speed broadband connections
worldwide and the ever popular P2P file sharing networks world wide it is easier than ever to
access free music. A P2P network allows all users to share files on their hard
disks, essentially creating global peer-to-peer networks. Mostly for music files, this type of
sharing was popularized by the famous Napster service which went offline in 2001.
The music industry has to re-create business strategies which are inline with the digital age.
People dont realize that transferring ones entire music library from one IPOD to
another is a copyright infringement and free music has become more and more popular.
Australian Record Industry Association released a report concluding The sharp rise of
illegal copying and distribution of music impacts on the purchasing behavior of
customers. (ARIA, 2003).
The illegal sharing of music over the internet is one of many reasons that the physical CD
market is in serious decline. Why buy an artists entire album when you can download
the two songs you wanted anyway? Even paying a couple of dollars for these is far cheaper
than the twenty dollars for the album. During the turn of the century portable a device known
as a MP3 player was introduced into the market. This started to phase out the CD player.
Today MP3 players have grown in popularity dramatically.
The situation then becomes how does one fill their MP3 player. (Slyck.com
2006)
There are two options here, one is to download music files from a P2P sharing network on the
internet or copy or (rip) music from CDs. Both considered by the music industry as
breaches of copyright infringement.
Consumers dont really have a choice here than to break infringement policies. This is
where the music industry has failed to offer an alternative from the conventional CD. This

inability to meet customers requirements has allowed the P2P/file sharing market to
continue growing.
The decline of compact disc sales is a result of the natural progression of digital technology
in modern society.

3. Analyse the response of the music recording industry to these changes.

management, organization, and technology issues affected this response?

What

The music industry we believe are having trouble accepting the wave of the
Internet and all the benefits that it could bring them. Many of the people working
in the industry are older and less acceptable to change. They are scared to loose
the hold that they once had in the market and the profits that were once
increasing. We feel that with time they will be won over. Management issues that
affect this are that it is harder to manage thing when third parties are in play
selling your music (i.e. KaZaa), you have less control on what and how your
songs are used, marketed, and sold for by these sites. Organizational issues are
that you are downsizing your CD productions, and exporting areas. More or less
flattening your structure by needing less staff and artists (the case states that
they are already signing fewer artists and producing fewer albums). Technology
issues are they have to be able to streamline there own production of the songs
to the internet, learn and adapt to growing technological trends by they
consumers, and grasp back their market from companies such as ITunes to turn
more of a profit.

Response of the recording Industry

The recording industries response to the changing market was to try and stop advances.
To start with they went head to head with Napster, a website providing software and
services that allowed consumers to download MP3 music for free, they sued them for
violating copyright laws (Laudon, pg143). Napster was sued in 1999.
In 2003, the Australian Music Industry (AMI) took an internet service provider to court
involving alleged music piracy, followed by an 11 month investigation.(Pearce 2003). In
2006, Sharman Networks, Sydney, Australia agreed to a payout for compensation to record
companies, rumoured to be US$15million. (Gonsalves 2006). Also in 2006, in Germany, the
IFPI took action against illegal file sharing, with 3500 individuals facing criminal prosecution
for uploading large amounts of copyrighted material on peer to peer networks. (ifpi.org
2006).
The industry have also targeted other software providers, unsuccessfully in 2004 and
individuals, sending cease and desist letters.
Have sent instant messages to Kazaa and Grokster userswhich said, When you

break the law, you risk legal penalties. There is a simple way to avoid there risks: DONT
STEAL MUSIC (Laudon, pg 144).
How far can they take it? A report by Alejandro Zentner (University of Chicago) suggests
that The development of broadband facilitates music swapping. A soundtrack that takes
more than 12 minutes with a dial-up connection can be downloaded in as fast as 20 seconds
with a high-speed connection.
Teaming up with sites that provide legal low cost downloads has increased legal
download sales, Bangeman (2005) reports that During the first half of 2005, legal
downloads accounted for US$790 million in sales compared with US$220 million for the first
half of 2004. That's an increase of more than 350 percent in download sales
Finally realising that these methods while sometimes successful would not solve the
problem a major recording company finalised a licensing agreement and Mashboxx, the first
P2P legal downloading site was created. Since many other sites have also reached agreements
with the recording companies and low cost, legal downloads are available.

Management & Organization

▪ The music industry deems internet piracy as the sole reason for the reduction in
sales of CDs and loss of revenue.
▪ Parts of the music industry has not embraced the new technology and most still
have the old school mentality.
▪ The music industry decided that it was time to get more involved with the digital
world by offering music at competitive prices and removing some of the downfalls of file
sharing, like mislabelled or infected song files (US News, 2003).
▪ The music recording labels section within the music industry will have to
transform their traditional role which is the physical distribution of albums, to managing a
smaller set of artists, multiple distribution channels and customer information (Kruegar,
Swatman and Van Der Beek, 2004)

Technology
▪ With the new digital music technology artists are able to promote and sell their
music directly to the customer by the internet.
▪ Labels do not have the necessary technological infrastructure to allow for the
distribution of digital music Labels would require the rights to produce the same music in a
digital format (Kruegar, Swatman and Van Der Beek, 2004).
▪ To prevent illegal copying of music over the internet digital fingerprinting and
digital watermarking are put in place. The digital material is encoded with information such
as the author and copyright date. The digital products location can be monitored when
the digital fingerprints and watermarking are combined with tracking devices (Hervey, 2002).

4. What is the current business strategy of the music industry? Do you think it is viable?
Explain your answer.
The current strategy of the music industry is what they have been trying to do
for the past five years; it is centered on protecting their traditional business
model through technical measures and working towards legally protecting the
technical measures. We are not sure of this is the best solution for them but it
remains to be seen whether this approach will be successful or not. We argue
that the search for new business models is the better way to go, even though it
may take some time and effort to identify these business models. Embracing the
Internet and all it has to offer might contribute greatly to continuing profits and if

they are the pioneers, many other industries may follow such as the movie
industry.
We believe that the strategy is similar in Canada where downloading is legal.
They have to create a demand for their product to be purchased rather than
downloaded for free, yet this poses a serious problem to overcome. They will
have to continue to fight to have the laws changed while continuing to create
demand. Marketing schemes could be offering a discount of merchandise or
concert tickets if one purchases the album rather than download it.

Despite some success with suing individuals, the music industry is unable to stop illegal
downloading and copying of music. Obviously it had to come up with a way of benefiting
both the downloader and the music industry.
This resulted in internet users now being able to swap music freely and legally with the
success of sites such as iTunes. Grokster, a file sharing network, and SonyBMG worked
together to come up with a system combing free music sampling with paid downloads. This
resulted in Mashboxx, finalised in June 2005. This was the first P2P to complete a licensing
deal with a major recording company. This allows a person to download and listen to a track
for a number of times, before purchasing it for 99cents.
Their success now allows the music industry to make money from downloading music.
Record companies say they made 1.47 billion from digital downloads last year. (ABC.net
2006).
John Kennedy, Chief Executive of the the International Federation of the Phonographic
industry said in 2006, already in the UK and Germany, two of the biggest digital markets
worldwide, legal buyers from sites like iTunes, Musicload and MSN actually exceed illegal
file swappers.
Target Groups
The target group of the music industrys sales is all ages from babies with relaxation
music through to the old classics from yesteryear. Other target groups the music industry
must focus on are the recording artists they are producing.
The music industries compete with:
other recording companies
illegal download sites
friends burning copies of music
the companies that produce new technology like the mp3 player that only requires you to
download the song onto the memory card etc
There are really only 5 major recording companies, providing 80% of recorded music,
(Laudon, pg 143) Each company must not only compete with a changing market but also the
competition that exists between each recording provider. The number of companies allows
artist to shop a round and find the best deal before committing.

Universal music groups current e-commerce ventures including:

digital download
subscription
web casting
interactive radio
pay-per-play through all digital channels of purchase such as computers
TV set top boxes
portable devices. (www.universalmusic.com)
The long term goals of the music companies involve
expanding business
increasing sales and profit
finding ways to advance their production and distribution of music with new
technologies.
The record companies are focusing themselves on the profit or lack of profit rather than
embracing the changes in the market. They cannot change the new technologies created or the
way people are choosing to listen or obtain music. To continue being profitable they must
embrace changes in the market and find new ways to continue providing their services
New technology means new opportunities in the market they need to focusing on providing :
cheap safe downloads. Consumers are more likely to pay for music downloads if they
know that what they are downloading is from a safe, virus free source. Some sites for
downloading music, consumers risk downloading a virus with the song.
changing the contracts that they have with the recording artists so that they are making a
profit off all their efforts including endorsements and sponsors.
Suing your potential customers is not a positive strategy that will increase sales, instead it
produces negative feedback and bad publicity. Sending letter seems like a waste of time and
money, the $10000 they got from each of the students wouldn't even make a dent in the
amount of money they lose through illegal music downloads etc.

Basically, a business strategy is the way a business runs its business to achieve its mission, in
order to fulfill the customers and other stakeholders needs and wants. Thus, the music
industry needs to have a business strategy which will in the end sell CDs whilst looking after
the artists who are signed to the individual label.
So, when the public first began to share and download music illegally over the Internet, the
music industry decided that the best strategy at the time, was to sue any company such as
Napster who made this possible, and then to send cease and desist letters to
those who were using the services and then scaring anyone who still downloaded music by
suing students who were downloading music from the Internet.
Today, the music industry has changed their business strategy in order to adjust to the new
markets. According to Wharton professor, Peter Fader, the music companies are ready to
experiment with new technologies and new strategies in order to appease studios, artists and
consumers. Unable to compete with the Internet, the music industry joined forces with

Apples ITunes V meaning that whilst they might not be selling CDs, they were
able to still make sales of individual songs. However, this was not enough.
EMI is one of the best known companies within the music industry, signing artists including
Iron Maiden and Robbie Williams. EMI announced plans to restructure its business model,
including profit sharing with its artists. This profit sharing arrangement will mean that the
company will share all the earnings of a song throughout its life.
According to Jeff Kwatinetz, this new business model will shift the power back to the artists
and take the focus back onto the music, thus making consumers more excited about certain
artists and more willing to purchase albums.
Vivendi, a company based in Paris, has decided that in order to combat the sharing and
downloading of music, they will revise their pricing structure. This pricing structure will take
into account the ability and willingness to pay for that CD. For example, a CD containing
extras will sell for more then a CD only containing music.
These new business strategies are viable, as long as this is not where the record companies
stop. They need to continue to compete against websites which allow the consumer to
illegally download and share music over the internet.

References:
http://www.hno.harvard.edu/gazette/2004/04.15/09-filesharing.html
Hervey, S 2002, Future of Online Music: Labels and Artists, viewed 1 April 2007,
http://www.weintraub.com/FutureofOnlineMusic.pdf
Krueger, C. Swatman, P. Van der Beek, K. (2004) E-Business Models in the
Online music Sector- A Survey of 10 European Countries. Wedel.
Laudon, K C and Laudon J P 2006, Management Information Systems, Managing the
Digital Firm, ninth edition, Prentice Hall of India Private Limited, New Delhi
Alexander, Peter J 2002, Peer-to-Peer File Sharing: The Case of the Music Recording
Industry, Review of Industrial Organization, vol.20, no.2, pp151-161, Abstract viewed
2/10/07,