This chapter analyses the impact of the music industry in Europe. Although the direct and indirect impact of this industry in the European economy is significant, the sector is made up of different activities and companies, which compete and encounter diverse challenges in it. The current situation of these companies and organisations is presented through an analysis of the business models of several enterprises engaging in a variety of activities throughout the industry’s value chain, such as music production, publishing, distribution and exhibition. Moreover, we analyse digital transformation and the growth in rivalry detected in these activities.