Published Nov 07, 2008Despite big sellers by AC/DC, Metallica and T.I., CD sales in the U.S. took a plunge this October, dropping 19.4 percent compared to last years October sales, according to SoundScan numbers. This deficit echoes a similar number found in September, whereby sales dropped 20.4 percent compared to last year, bringing CD sales down 12.7 percent for the year leading up to the final two months.
So why the sudden drop this fall? Well, according to analysts, such as those at the music industry website Coolfer, the global economic downturn is the first culprit that comes to mind, with the fall in the stock market going hand in hand with the one in the CD market. Also, some relatively strong summer releases may have made 2008 appear better off than it normally would have, inflating summer sales figures and leaving several non-priority, slow-moving releases to come out in September and October.
Barring some major sales by heavy-hitters like Guns N Roses, Kanye West and Beyoncé these coming holidays, the music industry may end off worse than expected in 2008, leaving it only with lumps of coal to hand out this Christmas.