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Itunes: #1 Music Retailer

April 13, 2008

It was bound to happen and it’s good and bad at the same time. What am I talking about? Itunes becoming the number 1 music retailer in the U.S. You heard right. Not just digital, but overall music retailer!

Now that says two things:

1. People are buying less physical music products (aka the CD). In a recent post I mentioned that 50% of American kids didn’t buy any CDs. That’s a lot of kids and a lot of CDs not sold.

2. More people are beginning to embrace buying Digital Music.

Those 2 things may seem obvious, but it’s a good thing for consumers and artists. If more people are willing to pay for digital music downloads, artists can continue to make money directly from their recorded music. It’s good for consumers, because new competition is starting to rise.

MySpace’s music service is about to launch and has a challenge ahead. If it can offer better prices, better selection, easier use, community (which it already has),..etc it can pose a good threat and shake things up in the digital market place.

Amazon is also in the game offering $.99 and mp3 albums starting at $5.00.

Things are looking good for digital music sales.

Make Great Music,

Hoover


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