A pro is instantaneous access to the downloaded material. If you purchase an entire album online, you save money. The increase in file sharing availability has served to generate publicity for artists, particularly unknown or unsigned bands.
Those who appreciate packaging and liner notes or want to support their local record store should opt to pay a bit extra to own the album. Having all your music in electronic format threatens to wipe out your collection if something happens to your computer (or requires spending time backing it all up.)
Some artists are in support of controlled legal downloading and will release special tracks or entire albums available for online use only. Legal downloads save on cash and remove ethical questions from the equation.
Many artists and labels are against the practice and will not even allow paying and subscription sites to sell their music. Most profits from licensed downloads will go to the record label as opposed to the artist.
Peer-to-peer file sharing is often used for remixes, live performances, out-of-print recordings and alternate versions of songs that are not readily available for purchase. An instance of a beneficial use of downloading music that does not concern copyright infringement would be a Music Appreciation instructor having increased access to open domain music to aid in instruction.
Downloaded songs on peer-to-peer networks are often of low quality. A major con is that in giving other users access to your computer, viruses and pop-up advertising can be downloaded along with the music or required media players. With the increase of record labels pursuing lawsuits against those downloading music illegally, a con is the possibility of having to pay a hefty sum far exceeding the cost of an album or song purchased online.
For those concerned about music downloading affecting the artist's pocketbook, advocates point out that bands get the bulk of their income from live shows and radio play and note this additional exposure increases the likelihood the listener will buy a concert ticket. CD sales do have an impact on the artist directly, with sluggish sales leaving record labels less likely to pay for those other sources of artist revenue. However, advocates point out that with the increase in technological advances and fans seeing the Internet (and sites like Last FM and MySpace Music) as a launching pad for new favorites, unsigned acts are in a better position than ever to self-produce albums and turn to the Internet to create a following.