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Peterson and Berger's article “Cycles in Symbol Production: The Case of Popular Music” is a “seminal” article in the field of popular music studies and has been the basis and impetus for several other research studies over the past 30 years. This paper reviews work relating to the cycles in symbol production concept to investigate the relationship between market concentration, musical diversity, and musical innovation. It is argued that, while empirical support exists for such a relationship, the methods and measures previously used to determine market concentration levels may no longer be adequate for future investigation of the recorded music industry. The paper concludes by suggesting future directions for cycles of symbol production research.