Background to the Music Industry

In the late 19th century and early 20th century, the music industry was dominated by the publishers of sheet music. By the middle of the century records had supplanted sheet music as the largest player in the music business: in the commercial world people began speaking of "the recording industry" as a loose synonym of "the music industry".
Since 2000, sales of recorded music have dropped off substantially,while live music has increased in importance.
Four "major corporate labels" dominate recorded music — Universal Music Group, Sony Music Entertainment, Warner Music Group and EMI — each of which consists of many smaller companies and labels serving different regions and markets. The live music industry is dominated by Live Nation, the largest promoter and music venue owner. Live Nation is a former subsidiary of Clear Channel Communications, which is the largest owner of radio stations in the United States. Other important music industry companies include Creative Artists Agency (a management and booking company) and Apple Inc. (which runs the world's largest music store, the iTunes Store)