“The revenue is still small, but at least it’s revenue,” said one major label executive. By comparison, the record one-week tally set in December 2000 was 45.4 million.Īlthough relatively small in terms of a label’s revenues, digital streaming, downloading, online subscriptions and advertising are seen as key to the industry’s future. market as it approaches mid-year show how tough conditions are for music companies and acts who blame illegal file sharing for their woes.Īccording to Nielsen Soundscan, which tracks sales, 4.98 million albums were sold in the week ending May 30, possibly the lowest figure since the early 1970s.
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To make matters worse, the recent boom in touring, which labels and bands sought to exploit as recorded music faded, is showing signs of weakness caused by high ticket prices and economic uncertainty, and digital download growth is slowing. physical and digital album sales by early June down 11 percent year-on-year to 130.6 million, extending a decade-long decline. It comes about a week after the release of Canadian artist Drake’s debut “Thank Me Later,” which is also expected to perform strongly.īut the duo are unlikely to lift the gloom hanging over the music business for long, with year-to-date U.S. The Detroit star’s seventh studio album hits shelves on Monday, a day earlier than planned after tracks leaked on to the Internet. LONDON (Reuters) - “Recovery,” the new album from rapper Eminem, could not be more aptly named for a music business facing an alarming fall in sales so far this year.
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