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There are no stranger beasts in the business world than the major music labels. Only these creatures, represented by their legal attack dog the RIAA (Recording Industry Association of America), would apply an excusatory tone to the release of product shipment figures that show a significant increase in sales. Where other companies would brag, the music labels warn that making money is really quite excruciating and depressing.
The RIAA has just released US music sales figures for the first half of 2004. Heaven help us all - CD shipments were up 10 percent compared to 2003 and revenue was up around 4 percent. This is the first time in five years that the first half figures have jumped year-over-year. That's great news, right? Well, not so fast, consumers. You still need to do quite a bit more to help out the emaciated labels.
"The record industry has experienced some gains so far in 2004, but we are rising out of a deep hole and still have a long way to go," said Mitch Bainwol, Chairman of the RIAA. "Piracy, both online and on the street, continues to hit the music community hard, and thousands have lost their jobs because of it."
The RIAA demands that while 2004 sales look pretty good, they are just not up to the glorious levels of 2001 when the labels pulled in $14bn.
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