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iTunes Music Store Number 2 in Music Sales
Currently, Wal-Mart remains to be the top US music retailer but the NPD Group shows that the iTunes Store from Apple sold more than 4 billion songs in the year 2007. This only goes to show that online music download companies such as the Apple Inc’s iTunes are the future of music industry. It reportedly sold 20 million songs on Christmas day alone.
It is also interesting to note that while the amount of consumers increased by 6% in the United States for 2007, revenues still declined. This is due to the loss of CD sales which even the sharp increase in legal downloads could not offset. The result is a 10% decline in music revenue; only 42% of acquired music is actually paid for. Peer to peer file sharing programs are also highly popular amongst teens and adults today.
As you can see, even while there is a decline in CD sales, the growth in legal download is very encouraging and it also presents a lot of opportunities for the music industry. A lot of baby boomers are also entering the digital market so there are more chances to sell older catalogues and bundles that can raise overall revenues.
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