It’s worse than we thought. From the Wall Street Journal this morning:
“Music sales at Apple’s iTunes Store have fallen 13% to 14% world-wide since the start of the year, according to people familiar with the matter.”
“The decline is stark compared with a much shallower dip last year. Global revenue from downloads fell 2.1% in 2013, according to the International Federation of the Phonographic Industry.”.
All of which may be accelerating the planned integration of Beats Music:
“Some record company executives worry their industry could lurch back into decline after several years of relative stability, should download sales decline faster than streaming growth accelerates. Apple is rebuilding Beats Music and plans to relaunch it next year as part of iTunes, according to a person familiar with the matter.”
Written while listening to Duke Dumont.