For years the music industry has seen P2P technology as the single biggest threat, claiming that file-sharers are responsible for billions of dollars in losses. However, P2P technology is also part of the music industry’s future. One of the major revelations in the music business, the streaming service Spotify, is actually one of the largest file-sharing networks on the Internet.
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For years the top record label executives have been claiming that it’s impossible to compete with free, but YouTube is proving them wrong. With billions of views every month the major record labels are making millions by sharing their music for free. For many people YouTube takes away the incentive to ‘pirate,’ but at the same time it may also cannibalise legal music sales.
Source: Is YouTube Killing Music Piracy?