It started with Edison's crackly cylinders. Then came those fragile 78s. The dulcet tones of the tenor Enrico Caruso filled the grooves in over a million records - the first to do so.

Early DJs had a sense of occasion

The "hit parade" in 1952 came next - its first number one was Al Martinu's "Here in my Heart".

Rock 'n' Roll then transformed the music scene with artists such as Elvis Presley, The Beatles and the Rolling Stones leading the way.

Dire Straits' "Brothers in Arms" became the first CD to sell 1m copies, but Elton John's "Candle in the Wind" outstripped them all with 33m sold worldwide.

Time to face the music

The shape of multi-tracks

The players in the music game have lost control of the way we consume our pop, rap, reggae, classic and country.

People in the music business are genuinely concerned at the high level of pirated music, downloaded from the internet.

One day, one person can record a track and the next day 100,000 + will have downloaded it.

The industry is worth billions worldwide, but the "big five", Sony, Time Warner, Bertelsmann, Vivendi and EMI see sales dropping. Technology has taken a grip.

It used to be that the sharp needle was the height of hi-tech, but today it's the internet. In the shape of "peer to peer file sharing", as it's termed, music circles the world - instantly. And it's illegal.

Enter the police

Sales are hitting the low end of the scales

The whole matter of "ripping" music came to prominence with the much publicised company Napster.

So Bertelsmann, bought Napster, attempting to turn it into a pay-to-listen provider.

But what about those pirates? In the centre of London is a company that seriously surfs the web 24/7. Net PD roams the web and tracks anyone breaching music copyright law.

They inform the company providing the internet service to the offender, which can, in certain circumstances lead to prosecution.

In a recent search, they found a staggering 3.5billion files were downloaded in one month - this clearly hits the bottom line of the music industry accounts. And this illegal practice is rapidly growing.

Downloading is rife and simple

Thousands of computers around the world are waiting to send music to anyone who logs on and calls up a track - it couldn't be easier.

Record companies have tried to persuade computer companies to stop making the hard and software that is eroding their business, but with little success.

Jay Berman, Chairman of the IFPI - International Federation of Phonograph Industry - says that the music industry has tried to have talks with the computer companies - nothing was achieved.

Meantime, the longer people are used to freeloading from the internet, the harder it will be to introduce any pay-to-listen scheme.

UK music on a high

Despite consequential job losses, the music business in the UK is still buoyant. Maybe the computer music "industry" is not as rife as in America.

But worldwide, the crisis seems simple to assess. The music industry lacks musicians that pull in the fans. For the first time since 1963, there has not been a British single in the American top ten charts.

The recent Oasis album was downloadable before it was released

While the "big five" seem to be obsessed in supplying music to a mass global audience, there is still money being made through smaller recording labels such as Sanctuary.

They concentrate on nurturing an act for a long-term relationship between artist, label and listener.

Another big idea to revive the ailing music industry comes from Dave Stewart of Eurythmics fame.

His philosophy is simple with his "Artist Network" - he wants to have a studio for musicians, run by musicians in a family atmosphere.

Others, like Relentless Records concentrate on the artists that the big companies cast aside, and with the backing of the nightclub group "Ministry of Sound" they're making music work, and creating big hits.

Artist Network - musicians for musicians

So in this industry of Champagne and tears, there are different ways of making money - big is not necessarily best - it's an industry that has a great deal of reshaping to do in very uncertain times.

And, as they say, "it aint over till that fat lady sings"

In Business is broadcast on BBC Radio 4
Thursday 30 May at 20:30 BST