I don't know the actual dollar figures, but I assume the LP sales weren't that great.
Going digital has probably sold alot more music and brought the industry alot more cash.
Just think about how scared the movie industry was when the video recorder was introducted. I"m sure there are alot more sales in DVDs now that pump alot of dollars into the movie industry. Rentals also became a big seller for movies.
Why can't people RENT music?
Most music is pop, and for the moment. People would RENT it for today and move on to the next hit.
The music industry is the similar to the movie industry. IMO.
Just scared of change.
LP production was more expensive than CDs, that's why the industry wanted to shift. They saved money, therefore, they made money.
Back in the LP days, there were people who would make tapes and trade them to save a few bucks. There will always be people who don't want to buy music. Most people don't buy very many albums. PERIOD!
What really sells? NEW STUFF.
Just like the movie industry. NEW STUFF.