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An independent research publication has announced that music sales will fall for the next 3 years, giving rise to questions about the source of poor sales, and also the quality of releases in the future.
Music Week, an international trade publication announced this week that the value of recorded music sales is set to fall to $28.7bn (A fall of 6%) from the previous year, reasons of which they quote as being due to "...intense price competition, volatile consumer demand and piracy..."
With an increasing number of labels closing their doors and volatile prices around the world, Music Week suggests that sales would not show any sign of recovery until at least 2005.
This bears significant impact on labels, particularly small ones who have significant fixed costs for the next few years and we believe that if this situation persists, the industry will see further restructuring of companies.
The debate for the past few years has been the effect of piracy on the poor music sales. Certainly an aspect which has had nothing but ferocious arguments regarding its validity and actual effect which is almost impossible to measure but many leading speakers suggest that the fall in the music industry is primarily the result of the downturn of the global economy and that piracy has had little or no effect..
Surprisingly though, is the fact that turnover of other aspects within the music industry (such as concerts and club events) have reached an estimated $48bn in 2001, which offsets any fall the record music sales have sustained (if the entire music industry is considered as a whole).
What do you think about this debacle?
http://www.musicweek.com
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