iTunes singles killed the music industry

Adrian Covert, reporting for CNN:

Since the introduction the iTunes Music Store on April 28, 2003, music sales have plummeted in the United States – from $11.8 billion in 2003 to $7.1 billion last year, according to the Recording Industry Association of America. … Interestingly, during that same time, people have been buying more music than ever.

Many music buyers have stopped purchasing full albums and now simply purchase single tracks. This is a win for the consumer. Albums can often be compared to cable television bundling. Force people to pay higher prices for a bundled product or service, where you are only interested in a fraction of the product or service. Steve Jobs' original deal with the music industry changed this forever. The music industry would love to go back but fortunately it’s too late. When will we be able to do the same with cable television?

By the way, Apple’s iTunes Music Store turns 10 on Sunday.

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