40% lower from the peak, which led to an even larger decline with the birth of Napster. Ignoring 1994-2000, revenue is roughly inline with where it’s been the

40% lower from the peak, which led to an even larger decline with the birth of Napster. Ignoring 1994-2000, revenue is roughly inline with where it’s been the last 30 years. And music companies (labels and publishers) are seeing record profits.