In the quickly changing music industry, CDs are fading out, making way for streaming and paid subscriptions and a renewed interest in vinyls.
CDs are about to join eight-tracks, cassette tapes and most vinyl on the scrap heap of music platforms.
The sale of CDs started declining in 2000 when illegal online music downloading took place through Napster. While CDs sales are declining, online streaming and paid subscriptions of music have improved industry profits.
U.S. music industry revenues started to decline in 2000 mostly because of Napster. Revenues peaked in 1999 at $15 billion.
Now, industry revenues have increased about 17 percent since 2016, driven by paid music subscriptions.
In 2017, industry revenues were about $8.7 billion. Paid subscriptions like Spotify and Apple Music increased more than 50 percent from 2016 to 2017.
According to Billboard.com, Best Buy plans to pull CDs from its shelves this summer, and Target officials want to switch to scan-based trading for CDs and DVDs, where the chain would pay for the media after it’s sold to customers.
At this METal the Former Chairman of EMI Music & Former Managing Director of Warner Music Group Mark Poston will discuss how legacy labels are experiencing a slow death of physical music and how the new era of the artist is emerging.Join Report
From May 12, 2018 9:26 am to 11:26 am Save to calendar
Posted by Raul James Bugahod