Labels cite piracy for decline in music sales
The five major record labels, which account for 90 percent of all music sold, are primarily blaming rampant digital piracy for the 10 percent decline in units sold during 2001, according to Reuters. Some 969 million CDs, cassettes, LPs, and DVD music videos were sold during the year, down from 1.08 billion in 2000. The labels also attributed the decline in part on the events of September 11 and the weak economy in general. Read More
