Jay Z and Beyoncé have been named the most powerful people in the music industry by Billboard magazine, in its Power 100 list, this is a recognition in the way they had transformed the way music was released, Jay Z releasing Magna Carta Holy Grail free to Samsung mobile users,Beyoncé putting her self-titled album straight on to iTunes with no warning and breaking records with millions of copies of their various albums selling, not forgetting the controversies they have encountered in doing such.
“Leveraging their star power to release new albums in unprecedented ways … they instantly changed how the industry and fans thought about interacting with music,” Billboard said. “He gave his album away; she charged a premium price for hers. But they both used the element of surprise to restore the excitement that used to accompany a new release, before that impact was dulled by the endless thunder of carefully plotted promotion.”
The pair were the only performing artists to feature in the 100, “As music business revenue opportunities continue to diversify away from a reliance on retail to areas more beloved by investors – subscription services, digital platforms with access to youth and high-margin brand partnerships – the value of music assets will at worst hold steady, but more than likely appreciate,” Billboard said. “Grainge has almost guaranteed that UMG, as an all-dominant market leader, will benefit disproportionately from the rebound.”
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