It's hard to overestimate the effect the introduction of the iPod had on the music industry. Like the introduction of the CD, the Walkman and vinyl itself, the iPod propelled the industry forward into completely new and uncharted territory.
But now the iPod has had its day. A new "iPod moment" is required. From Music Industry Blog:
Without Apple the digital market would be vastly smaller than it is now. With all of the talk of streaming services and the shift to the consumption era it is easy to think of Apple’s iTunes Store as yesterday’s game. Such an assumption is as dangerous as looking upon the CD as an irrelevance in the present era.
The CD and iTunes combined account for approximately 78% of total recorded music revenue in the world’s 10 largest music markets. And yet neither look like they are going to provide the momentum the music industry needs over the next few years. Despite its vast importance to music revenue today, the CD is obviously on a fixed downward path.
And the download is not so dramatically different in profile in that it is the dominate revenue source yet is not delivering the dynamic growth the digital market needs. Key to this is of course the role of Apple.