How The Music Industry Garnered Record Profits in 2008
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With Chinese Democracy topping 1.5 million in CD sales and downloads in its second week — for a two-week total of 5 million, the best ever — it is now official: the American Music Industry has never been healthier. Even in what is easily the most crippling recession most of us have seen in our lifetimes, people are buying music at a record pace.
How have they done it? According to Frederick Stamphammer, the RIAA’s Vice-President of Digitization — and the man seen by most insiders as the key figure behind the transformation of the music industry into a virtual profit machine — it was by seizing the opportunity afforded by the internet nearly 10 years ago….
