How bad is the record industrys troubles?
According to the RIAA, sales of recorded music are way down from their 1999 peak. That year the industry shipped $14.6 billion dollars in music. By 2003, that number had slipped to $11.8 billion. Internationally, the International Federation of the Phonographic Industry reports that sales are off 20 percent in the last three years. Some in the industry are arguing that the worst may be over, citing an increase in sales in the second half of 2003 and the first quarter of 2004, and a growth in the use of services like iTunes, where users can purchase legal music downloads. Still, the signs of a struggling industry abound: In the last year, the major labels have fired thousands of employees, closed struggling divisions, and cut the number of artists on their rosters.
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