California - The online savvy and digital download prowess of Apple Inc is standing the online retailer in good stead. It is poised to assume the lead in retail music sales, wresting the title away from retail giant Wal Mart for the first time.
ITunes and its many variations is likely to lead Apple to the number one music retailer position, eclipsing Wal Mart and the traditional CD format of music sales.
The NPD group issued a Tuesday report that says that Apple has already overtaken Target and Best Buy, to become the current Number 2 retailer of music in the United States. If the trends to not change, then Apple will overtake and pass Wal Mart as the top music retailer sometime later this year.
“Sales in the Digital online format are up over 50 percent from last year, and the increasing and continuing trend of CD sales continues to drop, down at least 20 percent from this time last year,” said Russ Crupnick. Mr. Crupnick is the President of Music for the NPD Group.
“Even if the growth that Apple has for the rest of 2008 is only half of what we are projecting, Apple will still outpace and overtake Wal Mart before the end of the year,” said Crupnick.
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