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"where did the money go?"
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what's funny is that the money is still there, but the market has been fractionalized and spread thin...and as a result, so is the "industry"
people still spend plenty of $$ on music - they just don't spend it on damned CD's. i'd be willing to be that if you made a chart showing declining CD sales, then put it next to a chart showing increased sales of digital downloads, along with cell phone downloads(and i'm talking actual songs, not just ringtones), they'd be about even.
on top of that, look at the increase of sales by independent labels and artists next to the decrease in sales for majors, and you'll see that the music "industry" is alive and well, but in a completely different shape and form than it existed a decade ago.