[pfunk]

> 'On this account alone, I deplore the present depression in the gramophone industry. It is a curious fact that when I began working for H.M.V. ten years ago business was excellent, though only indifferent records were available. Yet to­day, when we have first­ class recording, business is worse than it has ever been. For this, I can only think that the universal craze for radio is to blame. '

He's blaming the recent success of radio for poor record sales in 1931. Much like many were/are blaming streaming and youtube for the decline of record sales now...

[__david__]

Sure, but he's not lamenting the fact that his record sales are down, he's annoyed that something with crap music quality (in his opinion) is supplanting something with superior music quality.

Luckily, radio's gotten better since then. :-)