As the readers of this site know, streaming is a thing in Japan. The rest of the world is still fascinated with the idea of Japan being all about CDs, when the readers of this site also know that the reason CD sales are so high in Japan still is because of bonuses attached to the CDs. Reuters’ Ritsuko Ando recently looked at how this is changing though.
In the article, the COVID-19 pandemic’s effect on CD sales is documented. Music fans are currently staying home and music acts are canceling in-store events, leading to a switch to streaming.
Tower Records has suffered due to the pandemic, with spokesman Tatsuro Yagawa saying, “It will take a long time for things to return to normal.” He is optimistic though, saying, “Music fans here like buying CDs to show support for their favorite artists. I don’t think people will stop buying CDs.”
As reported earlier, Avex has also suffered due to the pandemic. The company held a-nation online a few months ago, attracting 1.6 million views, split between free and paying viewers. However Avex CEO Katsumi Kuroiwa described the financial results of the company’s foray into large-scale online events as mixed.
In related news, it was also reported that Avex is looking to sell its Tokyo headquarters as a COVID-19 cost-saving measure. They would then rent back its offices.
The full Reuters articls can be read here.