Record Biz Crisis: Top 20 Misses 750G
The top 20 pop albums sold fewer than a total of 750,000 CDs last week.
You read that correctly. The actual total was 738,211. The number includes 220,000 copies of a greatest hits singles collection from all the labels, "Now That's What I Call Music! Vol. 22." Without “Now 22,” regular releases came in around 500,000 copies.
This is a crisis that no one acknowledges in the record business. But consider that recently dismissed Sony execs Donnie Ienner and Michelle Anthony were making $2 million a year, and that their income is typical of upper echelon management in any record company. If the half million CDs sold at full price — $15 — then they didn’t even pay for a small part of one salary.
Source: http://www.foxnews.com/story/0,2933,204314,00.html#2 (scroll down), via Salon.com "The Fix"