Digitalization creates a new paradigm of the global music industry: the traditional music industry is under pressure of the streaming platforms

The aim of this paper is to determine the underlying factors that have affected the changes in the global music industry. The global music industry has come under the pressure of digitalisation at the end of the last century. Digitalization of production and convergence of business activities within the media industry caused fundamental changes in the way business of global media corporations. Internet development and digitalization of production directly affected the decline in revenues of global media corporations. Sales of physical media carriers fell sharply, and various forms of piracy dropped the revenues of global corporations. Additionally, the sharing economy increasingly conquered Generation Z, and this influence spilled over to all post-industrial societies. Sharing music on the Internet was prevented in the first hurdle, but global corporations were aware that it was the last moment to change the way revenue was generated. With the emergence of streaming platforms that members of the postmodern community accepted with enthusiasm, the last nail was dumped into the classic management strategy of the music industry of the twentieth century. "Old" media corporations have taken on the challenges of the "new" media industry. Instead of selling physical products, the 21st century strategy implies the sale of copyrights and other forms of intangible assets. Over the past three years, revenues from global music corporations have risen again despite the growing popularity of streaming platforms.