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article imageEconomic Slump Doesn't Effect Concert Attendees Despite Hit On Overall Music Sales

By Nikki Weingartner     Jul 30, 2008 in Entertainment
Who said that all things are bad during a downward spiraling economy? Even though the music industry is experiencing a few bumps, people are going old-school as concerts like Bon Jovi and Tom Petty are topping the charts.
Amidst its fourth year of dropping sales, the record industry has once again hit an all time high, or low, topping the music charts with a 16.3 percent decline in physical CD sales at the mid-year point, according to Rolling Stone. In April of last year, the industry was labeled with having the "greatest one-year loss" at a 13 percent drop.
Despite the decline, it seems that music lovers aren't changing their tune when it comes to concerts. In the same report, the touring industry remained unscathed. Groups from the 1980s were taking the stage and drawing in crowds despite high gas prices, food prices and a general feeling of a crumbling economy. In fact, the 2008 numbers remained at $1.05 Million US dollars, the same as 2007.
Old-school favourites like Bon Jovi, Bruce Springsteen and Van Halen topped the charts as far as the most popular concerts of the year so far. After pulling out the Bic lighters and skin tight pleather pants, other favourite concerts to attend included the Spice Girls, The Police, Rush and Tom Petty. Talk about reliving the old days.
Also in the mix of 80s stars were Kanye West and Jay-Z, who managed to make the top 10 list for concert favourites.
On a positive musical note, digital downloads are still up compared to physical CD sales. Even though they have slowed a bit from last year's 48 percent growth, single tracks are still showing a 30 percent growth so far this year and digital albums, a 34 percent growth.
What albums are consumers buying? According the article, Lil Wayne's Tha Carter III is the number one seller, followed by Jack Johnson's Sleep Through the Static and Mariah Carey's E=MC2. Alecia Keys and Coldplay also topped the list.
So, although digital sales did experience a decline alongside physical CD sales, showing that the music industry is taking a hit, the untouched numbers of concert attendees shows that people are still out to share in their love for music despite the economic woes that have fallen upon us.
As far as the genre? Well, lets just say that all styles resurface every 20 years and the classics never die so hold your lighters high and rock on.
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