If you’re part of the Millennial generation–the new trendy name for Generation Y, the people born between 1980 and sometime in the early 2000s–you helped kill the traditional music industry. Have a look at this article from Medium.com:
The old music industry is dead. We’re standing in the ruins of a business built on private jets, Cristal, $18 CD sales and million-dollar recording budgets.We’re in the midst of the greatest music industry disruption of the past 100 years. A fundamental shift has occurred — a shift that Millennials are driving.
For the first time, record sales aren’t enough to make an artist’s career, and they certainly aren’t enough to ensure success. The old music industry clung desperately to sales to survive, but that model is long gone.
Even superstars have it tough. Pitbull — despite having 50 million Facebook fans and nearly 170 million YouTube plays — has sold less than 10 million albums in his entire career. This is the reality of the new music industry, which is built off of liquid attention, not record sales.