Music is the essence of life. It’s a string that ties the people and the world together. It touches the mind, heart and soul of the person. A euphony that just takes you to another world as it reaches your ear. Every culture, every society, every individual has its own type of music. A form of art that binds you and uses sound as medium in time as well as space. Its rhythm, melody, tunes and lyrics simply mesmerizes us. There is music for all occasions and moods. You are in a happy mood you play a fast number; you are in love, you turn on romantic songs, had a bad day or gone through a broken heart, the sad tracks are the thing for us. No matter in which mood you are, there is music for everything. There are various types and categories of music. Classical, country, jazz, latin, metal, pop, rock, rap, reggae and instrumental are some of the different genre of music.
Music speaks a common language globally. No matter from where you are or which culture you belong to; it is a universal link between us. Right from the historic times it has been the most versatile figures of art. The music industry has evolved and has witnessed a lot of changes with the passing time. From the recorded gramophones to the latest Mp3 formats, it has gone through dramatic transition. People have made careers in music and some of them have become legends. Be it Mozart, Elvis Presley, Beatles, Rolling Stones, lady Gaga of the west or the Indian icons like Lata Mangeshkar, Asha Bhonsale, Mohd Rafi or Pandit Bhimsen Joshi. Music concerts have also seen similar transformation.
Today’s performances are filled with spectacular laser lighting, sound system, state of the art musical equipments to make you just jump off your feet. And for making melodious music, the correct musical instrument is also required.Guitars, drums, synthesizers, piano are the instruments that are applied for. Along with it, sound enhancing devices like the DJ mixer, amplifiers and speaker systems also have a significant role. Compilations of the album are recorded in music CDs and mp3 formats which are sold to the music lovers worldwide. Companies such as Virgin records, Sony BMG, T series, HMV, Universal and TIPS are some of the music companies in the market. Some volumes of popular singers and groups had record breaking sales grossing millions of dollars across the world. Media and Entertainment industry has gained a huge amount of profit by tremendous demand of the record albums. There are TV channels dedicated to music shows like MTV, VH1, 9Xm playing your favorite tracks round the clock.
However the music industry is facing a lot of challenges and struggling to maintain its growth factor. Piracy and easy availability of online music on the internet has damaged the progress of this market. It has witnessed a slump in sales figure. It has held a compounded annual growth rate (CAGR) for its margins of around 10% and gained just 1% profit over the last five years. Yet companies are hoping to bounce back again and this sector will again be on a foot tapping note.