Published Sep 16, 2010It's been a disastrous year for major labels and mainstream music retailers, and those problems keep on getting worse. For the third time this year - and the second time in just under a month - album sales have hit a new low. To make matters worse, Best Buy has announced that it will be scaling down its CD sections to meet with the lower demand, and other big box stores are likely to follow suit.
Billboard reports that, for the week ending September 12, Nielsen SoundScan recorded just 4.83 million units sold, the lowest number since it began recording sales in 1991. The new low is about 120,000 units less than the previous mark of 4.95 million, set back in August.
Adding insult to injury, Billboard [via The Daily Swam] also reports that Best Buy will be cutting back on its CD selection. CEO Brian Dunn said that both DVD and CD sections would be reorganized and that "the CD section in particular will shrink in space allotment." The L.A. Times added that Wal-Mart and Target have also recorded low CD sales and would likely follow suit.
On the bright side, Reuters reports that Britain just logged its 500 millionth legal download, and that digital sales were expected to be 20 million higher this year than last. Still, the article added that the growth of digital downloads is beginning to slow, while CD sales continue to plummet unabated.