Despite the price hikes and restricted access to content, overall revenue for the music industry continued to rise during the 1990s, reaching a peak of $14 billion in 1999. *Somebody* was making money, and those somebodies were the record labels. Without stopping to ask how much of that was actually *profit,* speculators dove in to the business. Numerous mergers took place, and the industry was essentially run by three conglomerates.
Traditional promotional outlets also jumped the shark. MTV, long a source of exposure for new music, began to focus on original programming like *The Real World,* and actual music videos were gradually shifted out of the prime-time lineup. Clear Channel began buying up top-tier radio stations in large markets, and their business model focused on playing familiar hits rather than new music.
Retailers on the ground took the biggest hit. As CD prices rose, their margins actually shrank. Dealer cost for a $17 title was around $13. Continued...