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This video from James West and Len Henriksen shows that the consumption of music has come along way since the days of vinyl records. But now with all the digital variants of music available to anyone with an internet connection, what has become of the stability of the industry and the ability of artists’ to make money?

To sum it up, while digital consumption has absolutely exploded – the revenue per download, or spin, or play has collapsed. Data is from 2010.

Photo credit: bit.ly/HXtUQx

Photo credit: bit.ly/HXtUQx

According to the latest report from Nielsen and Billboard, digital music accounted for 46% of all U.S. music purchases in 2010, up from 40% in 2009 and 32% in 2008, and digital track sales hovered around 1 billion sales a year for the third straight year.

The top-selling digital songs of 2010 sold about 4 million, while the top digital albums were around 500K.

The top selling artists of 2010, based on digital track sales,

– Eminem (15.7 million)

– Ke$ha (13.5 million)

– Lady Gaga (11.9 million)

– Katy Perry (11.8 million)

– Black Eyed Peas (11.3 million)

Read more on Digital Media Wire