“Given the incredible number of ways a person can now listen to music for free or near free, that gap between interest and willingness to pay is the biggest hurdle in record labels’ quest to grow digital revenues,” Billboard said of the report.
That task is proving slow going, and while a recent report from PricewaterhouseCoopers predicts that the music industry will return to growth in 2013, some analysts are less sure. If we can grow that five percent significantly, we’ve got a future.” “Don’t forget, some 95 percent of the digital market is illegal. “The revenue is still small, but at least it’s revenue,” said one major label executive.
“What you want to do, since the digital ‘magical bullet’ hasn’t appeared, is to sustain your revenue from CD sales for as long as you can.”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. “The physical format is in decline, but I don’t think it will go away completely,” said Ed Christman, who tracks music sales for industry publication Billboard. Yet while major and independent labels are pinning their future on digital music, whether it is access models or actual ownership, they can ill afford to abandon physical sales which account for somewhere in the region of 70 percent of revenues. By comparison, the record one-week tally set in December 2000 was 45.4 million.Īnalysts put the low figure down to a weak lineup during that particular week, and Drake’s record is forecast to be one of the largest launches of the year so far while Eminem, another “tentpole” album, follows hot on its heels. 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. rapper Eminem, could not be more aptly named for a music business facing an alarming fall in sales so far this year. LONDON, June 21 (Reuters) - “Recovery”, the new album from U.S. * Digital seen as future, but winning formula unclear * Eminem, Drake albums expected to lift sluggish CD sales
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