President Encyclopedia 2001-2008

President Encyclopedia 2001-2008 — page 3
6 America in the 21st Century panicked how could they make money producing and selling new music if people could so easily get it for free They took companies like Napster to court where judges made decisions about how intellectual property like music could and could not be shared over the Internet The courts eventually shut Napster down These court decisions became even more important when Apple Inc first released its iPod device in October 2001 The iPod was a big hit It made MP3 music files like those on Napster easy to carry around and more popular than ever New Internet services sold MP3s to play on devices like the iPod and people became used to buying music files rather than downloading them for free By September 2007 Apple sold more than 150 million iPods making it the best selling digital audio player in history Approximately 26 percent of the American population used the Internet to gain information in 2000 The United States entered the twenty first century by setting a record for the longest period of economic growth ever In February 2000 the U S economy had been growing for over 106 months Growth was starting to slow a little bit but most experts did not see economic problems ahead The country once built on manufacturing now lived in a new economy built on technology The Internet produced many new companies and forever changed the way people bought and sold goods and services Some of these companies invented new ways for people to spend their leisure time In 1999 a company called Napster let people share music electronically for free over the Internet with files called MP3s Music companies and musicians