Though piracy is often considered the determining factor for the revenue losses in the music industry during this period, I argue that financialization is the true culprit, as Wall Street plundered the vulnerable record labels and radio companies. Once streaming became the technology of choice for listening to music, a much-consolidated industry was able to reassert its dominance by leveraging access to its back catalog of recorded music in exchange for the vast majority of revenue from streaming services, as well as stock equity. Furthermore, corporate venture capital is now a key strategy of the music conglomerates, which do not need to share these revenues with the musicians who create the value of the company.

SEED: An essay challenging the popular narrative that digital piracy destroyed the music industry could cite this alternative financialization thesis.

Andrew deWaard, Derivative Media, loc. 50