Is There A Rebound Happening In Music Sales?
November 15, 2011 at 3:54 AM (PT)
Might it be a MERRY CHRISTMAS in the boardroom of record companies? Maybe -- if what BLOOMBERG BUSINESSWEEK reports keeps happening -- "Music lovers are doing something they haven't done in years: They're buying more albums. The number of albums sold this year has increased for the first time since 2004, led by deep discounting and releases from the likes of pop priestess LADY GAGA, British singer and songwriter ADELE and rapper LIL' WAYNE. That’s an accomplishment in an industry that’s been in steady decline, even though total revenue is still slipping."
"There’s a clear rebound in music sales this year," said VIVENDI SA CEO JEAN-BERNARD LEVY. "We don't want to claim victory. But the music industry may be at a turning point."
The report notes sales of albums, which include digital downloads, compact discs, some vinyl LPs and cassettes, are up 3% in 2011, with 255 million albums sold in the U.S. so far this year, compared with 247 million at this time last year.
Heading into the holiday season, album sales were down 13% in 2010, from 2009.
NARM Pres. JAMES DONIO told BLOOMBERG, "We are hopeful that we will end 2011 up." He pointed to pricing as a major factor in sales, saying "There is a significant market for the download of a total album for $9.99."