Despite Downturn CD Baby Acts See 28% Growth
The demise of the CD has been well documented but one indie retailer is bucking the trend. CD Baby and their mostly d.i.y. artists are actually seeing growth:
1,013,478 CDs sold in 2008, compared to 993,175 discs in 2007, a 2% increase- 39,100 new album titles added in 2008, up 7% from the prior year
- Digital distribution revenues for 2008 of $25.4 million, up 45% over 2007
- $34 million paid to artists in 2008, up 28% from prior year
“While the long tail is a concept that has come under fire in recent months, the success of the almost 200,000 artists on CD Baby shows that independent music remains the most vibrant part of the music business,” commented Tony van Veen, CEO of Audio & Video Labs, which owns CD Baby. “This is a community that’s driven by passion more than profit, and yet it collectively sells enough product to be a market force.”
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This should be encouraging news to indie artists, musicians and bands who sometimes don’t think there’s life at the end of the tunnel. http://worldwidemic.com also provides some light and life for those seeking improve their music sales/sells.
CD Baby just secretly posted a 20% loss in profits for last quarter, and in response, just fired 10 key employees.