Federal Reserve Bank of Boston Economic Quiz
Music Industry and Sales
1. In what year was the compact disc introduced in the United States?
2. Despite numerous complaints about their expense, the price of recorded music to consumers has fallen dramatically over the years. When CD’s were first introduced their average cost was $21.25. Since then, the average price of a CD has fallen by almost 40%. If the price of a CD had taken the same path as the Consumer Price Index (CPI) instead, what would have been the average cost of a CD in 2003?
3. Only four artists/bands have topped the 100 million mark in total album sales in the United States. Which of these artists is NOT one of the four?
4. From 1989 through 1997, the 15-19 years age group was responsible for the greatest percentage of music sales. In every year since, another group has not only passed the teenagers but is pulling away. Which age group is now dominating music sales?
5. According to a 2003 case study published in The New York Daily News, how much would a new band get to keep for themselves as earnings from a debut album that reaches Gold status (sales of 500,000 units)? At a retail average of $17.00 per album, that amounts to a gross of $8.5 million.
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Recording Industry Association of America
Economic quiz written by: David Brown - November 2004