On one of the required blogs, Slashdot, there is a post
commenting on the article "Sales of Music, Long in Decline, Plunge Sharply" from The Wallstreet Journal's website. According to the article, compact-disc sales have declined by 20% as compared to sales from the first quarter in 2006. The main causes include increases in illegal downloading, lower prices of CD's, and specialty music retailers, such as Tower Records, closing down stores.
Both the article and post focus on the fact that “big-box retailers,” such as Walmart and Best Buy, take customers away from the specialty music retailers by offering lower prices. At the same time, these retailers carry much less of a selection than the specialty retailers, and some “big-box retailers,” notably Best Buy, are now reducing CD shelf space.
Even though it is already obvious that society is moving into a digital age, which is a prominent theme in our BUAD477 class, the article is further proof of this transformation.
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I recently wrote a paper about this issue. This has become a huge problem for the music industry since piracy has really expanded and seems to be endless. Music companies and artists are losing a ton of money and there seems to be no solution. My biggest concern is that new artists will be far and few since this career path may no longer have the financial possibilities it once did.
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