New Technology and the Emergence of Jazz
In 1921, U.S. record sales reached a historic high of $106 million. This figure was not exceeded until 1945 when it reached $109 million. During this time period, the phonographic industry experienced a steady sales decline between 1921 and 1925. From 1925 to 1929, sales boomed for a last time before the market crash of 1929 initiated a drastic decline that reached its lowest point in 1933 with only $6 million in sales.