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The New York Times is reporting that a joke went around Columbia Records last week as the economic crisis spread across Wall Street. Watching financial titans like Lehman Brothers and Merrill Lynch stagger, the label’s executives counted their blessings. Mark Di Dia, Columbia Record’s general manager went on to say…
“At least we’re in the record business.”
It’s been a long time since people in the recorded music industry have considered themselves lucky. And the black humor at Columbia underscores that sales of the CD, the industry’s core product, have been in a seemingly inexorable decline for eight years. So far this year CD sales are down 16.6 percent from the same point in 2007, on top of an overall sales slide of more than 36 percent from 2000 to 2007.
But going into the last three months of the year, when more music is sold than at any other time, labels, retailers and others in the business say they are somewhat optimistic — or at least less pessimistic than usual. Are you buying more music at your local retailer or online?
I am buying more CDS than ever, partly because I really like the alternative music that’s been coming out recently and partly because I can’t BELIEVE that people actually think compressed, curruptable computer files are better than physical media. I’d LIKE to continue buying my discs in a store but since media hype has decided CDs are “dead”, music sections are folding up everywhere. Amazon.com for me!!
I think that music festivals dodge a deep decline because of the relative economy of festivals vs. other travel and the continuing attraction of “the festival lifestyle.”
The music industry is being wrecked by the internet and by names like Akon and Flo Rida.
someone is stupid
Our country had been so much affected by this Economic Recession. there are lots of job cuts and company shutdowns. We are seeing some signs of economic recovery right now and we hope that it would continue.
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I think we are also seeing some signs of recovery from the Economic Recession. Of course, we have no idea of how long it will take to completely recover, but some say it’s going to be longer than for the other recessions in decades. I also scanned an article yesterday that said business owners need a new set of tactics to do well during recovery.
Our home business was really affected by the Economic recession, we have to cut jobs just to cover up our losses. fortunately, we have already recovered. .