Michael Jackson Boosts the Music Market

A surge in public interest in Michael Jackson’s music and the Beatles slowed the decline in music album sales in the third quarter of the year. Even so, the music market is still in its eighth period of recession over the past nine years.

Album sales were down 11.1% compared with the same period in 2008. At the end of the second quarter this year, sales figures showed a 14.7% drop compared with the same time last year. Overall, from the beginning of the year to now, the music market has seen a 13.9% decline in record sales compared with last year. In 2008, sales fell 14% compared with the year before.

Music retailers are hoping that by continuing sales of Michael Jackson and Beatles records, and with the strong start of the fourth quarter, the music market will regain momentum.

The music market received a positive shock in sales of songs by the legend on the day of Michael’s death this year, June 25. As a result, 5 million of Michael’s albums sold. Beatles record sales, which were re-released in early September, have reached 1.3 million so far.

This year, 11 albums have sold more than one million copies. The figure is the same as in 2008. In 2008, the album Tha Carter III by Lil Wayne sold 2.5 million copies. The best-selling album of 2009 was also Michael Jackson’s Number Ones, first released in 2003. This album sold 1.8 million copies this year and was number one for more than ten consecutive weeks on Billboard’s catalog albums chart.

Source: eMJey / Billboard