Global CD Slump Gathers Steam

Consumers worldwide are buying less music, according to industry representatives, with CDs particularly hard hit. “Sales dropped by 7% around the world last year after a 5% dip in 2001, according to the International Federation of the Phonographic Industry (IFPI).” Naturally, the industry says that the number one reason for the slump is the proliferation of illegal downloading sites and the inability of the industry to stay ahead of the pirates. In particular, the U.S. “suffered a 10% drop in album sales in 2002, mainly because fans were getting the music from the internet instead, the IFPI said.” Of course, it’s worth noting that the severe economic slump in the U.S. may also be contributing to the problem.