Recession Silencing the Music
VP Records (VP) and the ‘Big Four’ record labels (Universal, Sony, Warner and EMI) continue to struggle with sales down figures as high as 20 per cent this year due to the economic downturn which seems to be silencing the music.
All posted lower sales with VP charging that even its online sales, an important growth segment, is flat.
VP and Greensleeves Records
“It is just as hard and to make it harder, digital sales are starting to flatten a bit,” Olivier Chastan vice-president of VP told Splash by email this week.
“Unit sales of CDs are down around 20 per cent this year which is in line with overall record industry.”