06/22/2012 05:41 pm ET Updated Dec 06, 2017

WATCH: 60 Seconds of Social Media

It wasn't that long ago that wherever the music industry looked online it saw trouble, as file-sharing sites like Napster and Kazaa exploded in popularity. What a difference a decade makes! It seems the industry is coming to terms with the Internet and social media at last.

This week the Los Angeles chapter of The Recording Academy hosts Grammy futureNOW, a conference for musicians to get caught up on the latest industry innovations, including the importance of social media.

From Lady Gaga's nearly 80 million followers and fans on Twitter and Facebook, to Spotify's 16-million-song catalog, social media's impact on the music industry is undeniable.

Take a look at this week's episode of "60 Seconds of Social Media" from Amos Content Group and see for yourself.

And you can check out last week's episode about The Hunger Games and the power of social media for film promotion here.