I still fondly remember owning a CD player, and vaguely remember cassette tapes. Looking at my Apple iPod, which can hold more songs than hundreds of CDs, it’s clear to see that technology has progressed at a rapid rate.
And this data and fact packed infographic put out by the RIAA will help you understand how the American music industry has changed as a result of technological innovation.
In my opinion, the best part about the digital revolution is that you can purchase singles. No more wasting 15 bucks on a CD just so you can listen to 2 or 3 songs. Digital singles now represent the vast amount of sales in terms of volume, though surprisingly CDs still produce the most revenue.
CD sales peaked at just over 14 billion dollars but now generates less than for billion dollars. Perhaps of more concern for the music industry, total revenue for all media types barely tops six billion dollars, a massive decline from just a few years ago!
Sales and revenues for CD’s continue to decline and this suggests to me that the CD may soon be a niche product. On one hand, that makes me slightly sad, because I still remember that sort of excitement and pride of owning a CD collection. On the other hand the gained convenience far outweighs any losses.
And with revenues dropping across the board, the entire industry might have to restructure itself.
