IFPI Releases 2007 Digital Music Report
The IFPI has released their 2007 Digital Music Report. The report states that in 2007 Digital music has finally come into its own. with the industry selling an estimated US$2 billion worth of music online or through mobile phones in 2006, almost doubling the market in the last year.
Digital sales now account for around 10% of the music market as record companies experiment and innovate with an array of business models and digital music products, involving hundreds of licensing partners. Among new developments in 2006, the number of songs available online doubled to four million, thousands of albums were released across many digital formats and platforms, classical music saw a “digital dividend” and advertising-funded services became a revenue stream for record companies. Here’s what the report had to say:
“The pace of transformation in our industry is breathtaking, but at the moment the holy grail is evading us. I would like to be announcing that a fall in CD sales is being compensated for by an equal or greater increase in online and mobile revenues. But that is not yet happening on a global basis. The digital music business continues to grow. Trade revenues in 2006 doubled to about US$2 billion â€“ around 10 per cent of our sales. By 2010 we expect at least one quarter of all music sales worldwide to be digital.”
Read the IFPI’s Digital Music Report 2007