Since the first edition was published in 2009, Patrik Wikström's The Music Industry has become a go-to text for students and scholars. This thoroughly updated third edition provides an international overview of the music industry and its future prospects in the world of global entertainment. The music industry has experienced two turbulent decades of immense change brought about in part by the digital revolution. How has the industry been transformed by these economic and technological upheavals, and how is it likely to change in the future? What is the role of music in this digital age? Wikström illuminates the workings of the industry, deftly capturing the dynamics at work in the production of musical culture between the transnational media conglomerates, the independent music companies and the public. New to this third edition are expanded sections on the changing structure of the music industry, the impact of digitization on music listening practices, and the evolution of music streaming platforms. Engaging and comprehensive, The Music Industry is a must-read for students and scholars of media and communication studies, cultural studies, popular music, sociology and economics.