CD sales have fallen so fast that no album achieved platinum status in the first quarter, or more than 1 million sales in the U.S. market, reports Digital Music News.
We shouldn't be surprised. All-important teen buyers are behind the precipitous drop. NPD Group says teens between 13 and 17 bought 26 percent fewer CDs in 2008 than in 2007. They also bought 13 percent fewer digital downloads, which was the hoped-for savior of the music industry.
We can't blame peer-to-peer or hand-to-hand piracy, NPD reports. Those also fell in 2008. Streaming music from sites like Pandora and MySpace, as well as satellite and good 'ole terrestrial radio might be the reason: "...more teens may be getting their fill of music and feeling less compelled to buy music or share it with others," wrote NPD analyst Russ Crupnick.