As the chart above shows, the decline in sales has been on a steep slide. CD's are still viable with consumers going for certain genres like country and soundtracks. It does boil down to less CD sales.
Vinyl has made a comeback. Vinyl sales started to climb in 2006. Vinyl sales hit a 25-year high in 2017. Vinyl is seen as the medium of the den and the living room.
Streaming has increased among consumers. The car and the kitchen are the most popular streaming locations.
CD's are still needed, especially for touring acts. It's so much easier to sell CD's at the merch table.