MP3

Paper Summary:

This paper discusses the widespread use of MP3s and of file sharing with MP3s. The paper notes that the music industry has so far failed to change its business plan to adapt to consumer preference in this new form of technology, resulting in conditions of likely long- term losses for the industry, and that the industry has to develop a model that it can accept that will allow consumers to download music.

From the Paper:

"This paper addresses the role of the modern music industry and its refusal to recognize that mp3 file sharing is not a threat but rather is the next generation of music. This paper takes the position that these companies should embrace this new technology in order to benefit from its use rather that continuing to fight against it and that the industry must find a marketing model that works for it in this new environment. The viability of the music industry is currently threatened through the emergence and use of a new form of technology, the peer- to- peer software platform, the use of which enables users to download music in mp3 file format. The accessibility and the flexibility of the mp3 file format strongly suggest that this type of file is likely to remain a preferred form of music acquisition by consumers. However, the music industry fails to change its business."

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