Is the album dead? Katy Perry, Miley Cyrus and Elton John hit by dramatic US sales slump
Posted in: Online TV/Music at 04/11/2013 00:20
Lou Reed's album sales may have risen 607% in the US last week, one of many tributes to New York's rock 'n' roll poet of the streets, but that did little to dispel the black mood that has descended on the music business.
The US music industry, the world's largest market, has experienced a drop in album sales from 800m in 2002 to 316m a decade later. But industry analysts say that long-term trend doesn't account for a sudden drop-off. It seems that the 10-song, artist-statement format that originated with the advent of the 33⅓ long player in the late 1940s could itself be nearing the end of the line.