DigitalMusicNews.com is reporting that Sony Music’s sales experienced a huge 14.5% decrease during its last quarter, while revenue slipped to $1.72 billion for the three month period (which ended on December 31st). With illegal downloading still reigning supreme, this major drop isn’t as much of a shock, especially since the latest Susan Boyle album and the posthumous Michael Jackson album didn’t exactly light the cash registers on fire. This news does confirm two things:
- Barely anyone is buying CDs anymore.
- Digital sales aren’t filling the gap left by physical sales.
However, you don’t need Sony Music’s third quarter to remind you that physical and digital sales are taking.