Digital music sales doubled last year

Posted on Sunday, Jan 21 2007 @ 15:12 CET by Thomas De Maesschalck
IFPI announced this week that sales of digital music doubled in 2006. Downloaded music now accounts for ten percent of the music industry's revenue:
The International Federation of the Phonographic Industry, or the IFPI, said it expected digital sales to account for a quarter of all sales worldwide by 2010.

"We don't have the holy grail of digital offsetting the decline of CDs as yet," IFPI Chairman John Kennedy said in London after the release of the group's 2007 Digital Music Report.

The report did not give details on the size of the overall music market in 2006, but Kennedy said it had fallen approximately 3 percent.

In early 2006, the IFPI said it believed growth of digital music formats such as mobile would be such that they would compensate globally for the declines that the industry has recorded over the past five years due to illegal file-sharing, piracy and competition from new media.

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Thomas De Maesschalck

Thomas has been messing with computer since early childhood and firmly believes the Internet is the best thing since sliced bread. Enjoys playing with new tech, is fascinated by science, and passionate about financial markets. When not behind a computer, he can be found with running shoes on or lifting heavy weights in the weight room.

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