The Economist: 2007 "Terrible Year" for Music Labels
The Economist is sounding the death knell, or at least, the warning bells, for the music industry. To review, take a look at the numbers, quoted from the article:
– In America, according to Nielsen SoundScan, the volume of physical albums sold dropped by 19% in 2007 from the year before—faster than anyone had expected.
– For the first half of 2007, sales of music on CD and other physical formats fell by 6% in Britain, by 9% in Japan, France and Spain, by 12% in Italy, 14% in Australia and 21% in Canada.
– Paid digital downloads grew rapidly, but did not begin to make up for the loss of revenue from CDs.
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