Shoppers may think they have seen enough bargains this holiday season, but CDs at $9.99 may soon be a standard offer at music stores as retailers slash prices in bid to battle the scourge of online music piracy.
So for studios, artists and retailers alike, 2001 is closing out as a year of few sweet notes as the industry is also being hit by a lack of blockbuster pop music releases.
“It looks like it will be another year of flat CD sales and I think to some degree that’s got to be attributed to the fact that there’s so much music available online,” Tom Adams, president of entertainment industry research and consulting firm Adams Media Research said.
“I also think (the price cutting) is also as much to do with the fact that the economy is terrible and holiday sales were off overall,” he told Reuters.
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