The music industry has changed vastly since the golden days of Beethoven and Mozart. With the rapid growth of the internet and smartphones, listening to music has become easier than ever. Instead of having to attend concerts, listeners can just plug their headphones into a smartphone and listen to music online. While this has its fair share of benefits, record labels have been hesitant to expand into the online music industry since it has various drawbacks, including piracy issues and monetization. In this essay, I will discuss the aforementioned issues as well as giving my own opinion.