How has competition in the music entertainment industry changed over the years?

The competition landscape in the music entertainment industry has not changed in the sense of the level of competition (i.e. there are still the major record labels that control the majority of the music industry like Sony Music and Universal Studios) but it has changed in how the competition takes place.

• This is due to the revolution of the internet and the coming of devices that are constantly connected to the internet (e.g. smartphones, smart speakers, etc.). As a result, instead of these music entertainment companies competing to sell albums at a record store, they are now competing through streaming services. For instance, a player like Spotify or Apple Music negotiates contracts with these major music entertainment companies in order to have the right to offer their artists' songs as part of their streaming platform.