Last week, 3.97 million albums were sold in the US, officially marking an all-time low since Nielsen SoundScan began tracking data in 1991.
As Billboard reports, the week's top-selling effort, "Blacc Hollywood" by Wiz Khalifa, sold merely 90,000 units.
Last year, the week ending August 25, 2013 brought in 4.88 million sold records, only proving that album sales are continuing to drop. However, label reps are not surprised with the latest stats, and are pointing out that streaming is to blame.
"Sales have been going in the wrong direction all year. I guess its overdue, when you look at [the growth of streaming]," a label representative noted, reluctantly admitting that "streaming is cannibalizing digital sales."
"What can I say about this week's sales," another distribution sales executive lamented. "I remember when album sales fell under 10 million units and the industry reacted like it was a tragedy."
And although certain major label executives claim that the increasing streaming revenue is offsetting declining digital sales revenue, indie representatives seem to disagree. "This year the bottom fell out of digital sales to a degree that we never anticipated, which is why many companies are not meeting this year's revenue projections," stated one indie distribution executive.