Printed from http://www.electronista.com

Digital spurs first music industry revenue rise since 1999

updated 12:03 pm EST, Tue February 26, 2013

Downloads, subscriptions credited as major factors

In 2012, the music industry posted its first overall revenue growth since 1999, according to the International Federation of the Phonographic Industry. Revenues were up 0.3 percent for the year, something the IFPI credits to a mix of downloads, subscriptions, and other avenues. Digital music revenue in particular grew 9 percent to $5.6 billion, just under a third of the industry's total $16.5 billion.

The music industry has shrunk dramatically since 1999, when it achieved peak annual revenue of $38 billion. Digital single sales and piracy have bitten into the steady money CD album sales once provided, and record labels have generally been slow to adapt. Even Apple's iTunes Store -- currently in 119 countries and frequently the most popular digital music source -- has had difficulty securing rights to sell music in some cases.

Subscribers to music services grew 44 percent in 2012, driving the services' collective revenue up 59 percent in the first half of the year. One such service, Spotify, is said to be second only to Apple in fueling digital music revenue in the US. Despite complaints from artists about how little revenue they make from subscriptions, labels are said to prefer the arrangement since it helps restore steady revenue.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

Samsung SmartCam HD Pro

Keeping an eye on the home while out and about these days is common practice, assisted by modern technology. Internet cameras became p ...

Fugoo Bluetooth speaker

It's rare to find a Bluetooth speaker that can cover a large array of needs. Generally, speakers are wrapped in a desktop-convenient d ...

Epson LW-600P

Label makers are traditionally simple machines that perform a single task which people feel they can either live with or without. In m ...

Sponsor

toggle

Most Commented

 
toggle

Popular News