![]() ![]() "The record business is over," says music attorney Peter Paterno, who represents Metallica and Dr. The major labels are struggling to reinvent their business models, even as some wonder whether it's too late. In the face of widespread piracy, consumers' growing preference for low-profit-margin digital singles over albums, and other woes, the record business has plunged into a historic decline. Overall CD sales have plummeted sixteen percent for the year so far - and that's after seven years of near-constant erosion. ![]() That same month, the band's record company, Warner Music Group, announced that it would lay off 400 people, and its stock price lingered at fifty-eight percent of its peak from last June. Record sales are tanking, and there's no hope in sight:įor the music industry, it was a rare bit of good news: Linkin Park's new album sold 623,000 copies in its first week this May - the strongest debut of the year. ![]()
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