Record Companies Count On Elvis

More music fans are shunning record stores as new figures show that the global slump in music sales has deepened. The value of music sold dropped by 9.2% in the first half of 2002, the International Federation of the Phonographic Industry (IFPI) has said. The continued popularity of free "song-swapping" sites and CD-copying has been blamed. Some figures: US - down 6.8%, Japan - down 14.2%, UK - down 6.2%, France - up 5.2%, Western Europe total - down 7.5% and Asia total - down 15.6%. The slump follows a 5% drop in 2001. Record companies are now hoping that new releases from big names like Elvis Presley (ELV1S 30 #1 Hits sold more than 837,000 copies thus far), the Rolling Stones and Shaggy will tempt fans back into record shops in the second half of the year.
Source: Reuters / Updated: Oct 11, 2002 
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