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Video Games Help Virgin Megastore "Defy Market Gravity," Turn Profit

April 7, 2008 12:34 PM ET

Virgin Megastores had what they describe as "one of the most successful years" the chain has ever had in 2007 by turning away from albums and focusing on other product. The store "defied market gravity" by transforming into a "lifestyle entertainment shopping destination," as sales of video games, DVDs, clothing and books all enjoyed increased sales over the preceding years while music continued to slump. Even the two Virgin Megastores in New York City — which are reportedly on the verge of shuttering in 2009 — posted combined increased sales of ten percent. "For the first time in five years our store traffic is up over plan," said Virgin Entertainment North America CEO Simon Wright. So it appears brick-and-mortar music stores may live on — just with a lot less music.

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Song Stories

“Love Is the Answer”

Utopia | 1977

The message of the Beatles' "All You Need Is Love" proved to be a universal and long-lasting one, which Utopia revisited 10 years later on this ballad. "From a lyrical standpoint, it's part of a whole class of songs that I write, which are about filial love," Todd Rundgren explained. "I'm not a Christian, but it's called Christian love, the love that people are supposed to naturally feel because we are all of the same species. That may be mythical, but it's still a subject." Though "Love Is the Answer" wasn't a hit, a cover version two years later by England Dan & John Ford Coley peaked at Number Ten on the Billboard singles chart.

More Song Stories entries »
 
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