Despite the well publicized hoopla over Kanye West, 50 Cent and Kenny Chesney’s face-off fall 2007, veteran, Reba McEntire’s album, which debuted at No. 1 and moved 301,000 copies in the U.S.; classic album releases by Grammy recipient, Alicia Keys and even the close to clean Grammy sweep by Britain’s Amy Winehouse, album sales are still down compared to prior years. In fact, music sales continued to slump in 2008. The increased number of downloads of digital tracks failed to make up for a plunge in the sale of compact discs.
Lil Wayne’s feat of selling a million albums in a week in June was a notable blip on the radar, but did little to keep record sales from experiencing an overall decline of 11 percent. The Billboard 200 continued to reflect abnormal results for all music genres including country music leaving little inspiration for highly anticipated projects such as
T.I.’s Paper Trail.
The musical decrescendo did not stop with low album sales. According to theHollywood Reporter, even though the 2008 Grammy Awards dominated prime time, its ratings with the 18 to 49 demographic dropped to the lowest average in 16 years (18.2 million viewers and a 6.9 rating).
Is now the time to get out of the music business? No. It is time to re-brand and get back to developing classic artists who ensure long-term return on investment. It’s also the time for indie artists to rise and shine particularly as record labels work together to control music media platforms.
Reba Outmuscles Kanye, 50 to Score First No.1
Album Sales down 9% Despite Huge Kanye, 50 Tallies
Big-City Woes Hit Country
Grammys Hit Low Note
Music sales fall to their lowest level in over twenty years
Album Sales Plunge, Digital Sales Up
Music companies mull YouTube rival