The music industry or music business sells compositions and recordings of music. The many individuals and organizations that work within the industry, are the musicians who compose and perform the music; the companies and professionals who create and sell recorded music (e.g. music publishers, producers, studios, engineers, record labels, retail and online music stores, performance rights organisations); those that show live music performances (booking agents, promoters, music venues and road crew); professionals who help musicians with their careers (talent managers, business managers and entertainment lawyers); those who broadcast music (satellite and broadcast radio); journalists; educators; musical instruments manufacturers; as well as many others.
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 sheet music, which was the largest player in the music business: in the commercial world people began speaking of "the recording industry" as a synonym of "The music industry".
In the 21st century, consumers spent less money on recorded music than they had in 1990s, in different formats.The total revenues for CDs, vinyl, cassettes and digital downloads in the world dropped 25% from $38.6 billion in 1999 to $27.5 billion in 2008 according to IFPI.
Reference: http://en.wikipedia.org/wiki/Music_industry
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