Death Of A Music Industry? New Statistics Details An Industry’s Fate!
However, in the past decade, the music industry has seen a SHARP decline in physical records and CD’s! Are they becoming a thing of the past? A relic?
According to the Wall Street Journal, the record industry is ranked amongst the Top 10 Dying Industries on the market!
By 2016 it’s predicted record sales are to drop another 77.4%. Although physical albums are suffering, digital downloads are on the rise. In 2011, digital music sales surged 8% globally, accounting for $5.2 billion in legal downloads.
There use to be a time when an artist would easily go platinum. Now selling a million records is a milestone due to illegal and digital downloads. What does this mean for the future of the music industry? The following chart details the fate of a dying industry!
Image courtesy of Flickr, Kashirin Nickolai
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