Just 2 weeks before it was due to be staged, the World Music Awards (WMA) has been canceled.

Executive producer and co-founder of the event, John Martinotti announced yesterday that the WMA would not take place as planned on 3rd November in Monte Carlo. The organizer decided to delay the event until early 2010, blaming a failure to find enough truly world famous stars to fill the two hour show time. Even though an impressive line-up of artists had already agreed to attend, including David Guetta, Black Eyed Peas, Beyonce, Lady Gaga and Kings of Leon, sadly, further international stars failed to materialize.

Founded in 1989, the WMA gathers together the biggest names of international music every year. Michael Jackson attended 4 times. The ceremony rewards artists in different musical genres who've sold the most number of albums in their home country. It's broadcast in more than 160 countries, including on prime time American television. The whole event also raises funds for the charity Monaco Aide et Presence, which helps developing regions around the world.

But perhaps there are more fundamental issues that need to be addressed. The music industry is undergoing rapid change, and record sales are no longer the only indicator of an artist's success. International stardom can be achieved overnight on the Internet, without a single record being sold. Downloads from online stores such as iTunes, and video views from sites such as YouTube are equally valid measures. For musicians, it has never been easier to entertain a global audience. Witness the streaming of U2's concert on Sunday night around the world via YouTube. For the record industry the future is not so certain, but music will always live on.