From the Crisis to the Renaissance
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Thus, in the realm of melody, the music industry, like a great river, continued to flow, sometimes tumultuous, sometimes calm, but always moving forward. The numbers and gold coins told a story of resilience and adaptation, reflecting the unbreakable spirit of those who create and share the magic of music.
Summary
In the second chapter of our tale about the music industry, the rivers of the realm of melody began to glitter with gold and silver, reflecting the vast wealth generated over time. In the beginning, in the golden days of vinyl and CDs, the realm saw revenues counted in billions. The mages of statistics spoke of nearly 15 billion dollars per year at the turn of the millennium, a colossal sum fueled by the sale of these physical treasures.
However, when the dragon of digital downloading began to stir, a great upheaval occurred. Revenues started to plummet, dropping to less than 7 billion dollars annually. Many in the realm felt this decline as a dark era, fearing that music would lose its value in the face of digital ascendance. But then, like a phoenix rising from its ashes, came the time of streaming. This new magic slowly but surely righted the industry’s fortunes. Towards the end of the 2010s, chroniclers of the realm noted a return to growth, with global revenues once again exceeding 20 billion dollars, a sign that music had regained its former glory.
Live concerts, these grand festivals of music where artists and their faithful gather, became massive pillars of gold in this financial landscape. Some said that these gatherings could generate more than half of the industry’s total revenues, with festivals and tours bringing in astronomical sums. In the most modern corners of the realm, savvy artists explored uncharted territories such as NFTs and the metaverse, creating new forms of art and wealth. Though these lands were still wild and unexplored, they promised hidden treasures and unprecedented opportunities
