For decades, the master recording was the product.
The system was simple:
Studio → Master → Manufacturing → Store → Consumer
During the vinyl, cassette and CD era, the master was used to press copies.
Revenue came from selling units.
Radio and TV only helped promote the record.
Even when downloads arrived through the iTunes Store, the logic stayed the same:
Upload the master.
Sell copies.
Collect revenue.
Back then the industry equation was simple:
Song = Product
But the shift started when owne