In an age when corporate treasure holds are ever diminishing, music executives may now join their banking brethren in bereaving the loss of another piece of self-indulgent booty: the platinum record. Since no albums released in 2009’s first three months got even close to the one million mark, the RIAA won’t be doling out a single platinum record so far this year. In fact, only 39 releases sold more than 25,000 units in their opening week. Ouch.
The lack of platinum releases stands as a pale reflection of the sorry state of CD sales in general, which have dropped 20.3% from this time last year. While dwindling CD sales are nothing new by this point, labels now have to deal with store closings by credit-crunch ravaged retailers like Circuit City (RIP), Virgin Megatore, and Borders. Coupled with the ever increasing digital market (both legal and ehhh not so legal), I’m going to go out on a limb here and say that music industry may be in a bit of trouble. And as long as I’m making wacky theories, I don’t think newspapers are doing that great, either.
