The music industry has undergone a complete transformation in the last twenty years. That happened mostly under the intensive influence of the implementation of digital technologies into emerging new business models, which makes it an excellent example for studying the almost complete digitalization of the market. With the digitization of music content, the creation of networks for its exchange and distribution, and the emergence of the first Digital Service Providers in the form of Internet stores such as the iTunes Store, the global picture of the music market started to change. A few years later, with the advent of digital music streaming, the problem of piracy, which for years had created huge losses for publishers and artists, was successfully solved. New and innovative companies have managed to create new business models that attracted large number of users and forever changed the view on traditional business models and the ways of distributing music content. New business models are shifting focus from selling music and rights to the music track and product, to access to the music collections and music as a service. Music streaming services, which are currently the most popular way to distribute music content still hold some negative attributes and the most common ones are the unfair distribution of income between distributors, record labels and authors and poor promotion opportunities for new acts and independent music labels. As a consequence, new business models and platforms are emerging, which want to solve the problem of the gap in the relationship between artists and fans, and further expand the offer of music content through social interaction, by activating the consumer in the creation of artists. Analyzing business cases of the most important streaming services on the market will give the best insight into digital trends in the music market. Different business models of Apple Music, Spotify, Tencent Music and Bandcamp platforms form a sample, broad enough to apply the knowledge from the theoretical part of this research in analyzing and defining basic and advanced digital technologies, strategies and business innovations, which these companies apply enabling them to further grow their business and further transform the music industry.