Death Of A Music Industry? New Statistics Details An Industry’s Fate!
Due to the digital age, record stores are becoming a thing of the past. Find out why they’re disappearing fast and how digital downloads will affect the music industry in the future!
If you grew up in New York City or an urban metropolis like it, record stores were as available as any other business. There was Tower Records, HMV, and Virgin.
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
FOLLOW US ON TWITTER @DABXBLOGGER & @JayBoogieBx
I had no idea it was that bad! I hope it changes – I’m gonna miss the feeling of anticipation, waiting for your album to finally come out and then dashing for the closest CD store, picking up the best copy and then listening to it at home. I somehow doubt it’ll be the same, just downloading the album.
July 25, 2012 at 10:07 pm