Amid all the talk of music streaming and the renaissance of vinyl, plummeting CD sales haven’t been getting a lot of media attention.
According to the Recording Industry Association of America CD album sales in the United States have dropped by 90 percent since their hay-day in 2000 and are at their lowest level since 1987 – back when Michael Jackson's Bad and the Dirty Dancing soundtrack topped the Billboard charts.
Having been hit by the rise of MP3s in the early 2000s, CD sales nearly halved between 2000 and 2007, when smartphones and the first music streaming services emerged to put the final nail in the compact disc’s coffin.
According to a recent Bloomberg report, U.S. retail giant Best Buy has informed its suppliers that it will no longer sell CDs starting 1 July, signalling the inevitable demise of the compact disc.
So what does that really signal for the music industry?
This is no harbinger of doom for an industry we simply can’t get enough of. According to the International Federation of Phonographic Industry’s Global Music Report 2017, the music industry has seen its highest revenue growth in decades climbing 5.9% worth $15.7 billion (USD) with digital sales, which passed physical format music in 2015, up 17.7%.
Dance on Australia.