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The U.S. record business, which grossed two billion dollars in 1970, exploded to four billion dollars in sales by the end of 1978, with a unit volume of 726 million records and cassettes sold. Sales fell sharply over the course of the next six years, mainly due to the declining American economy and the popularity of home cassette taping. It was not until 1988, when unit volumes reached 726 million, that the industry exceeded the pinnacle reached ten years before. Recent calculations of industry figures indicate more than ten billion dollars in sales and a volume of more than 955 million units.
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