In the 21st century, record companies are losing their relevance. Why? It’s simple. The Internet.
Record companies failed to respond quickly enough to the benefits and challenges that the World Wide Web brought. For example its early failures to deal with Music piracy and the lack of availability of music online in the late 1990s. Today, we’re spoilt for choice and can easily shop around at various retailers for online music such as iTunes, Amazon, Napster, 7digital etc as well as the various streaming services such as Spotify and Last.fm.