“Nobody said it was easy for EMI, the world’s third-largest record company and the home of Coldplay, as the music industry has weathered six straight years of falling sales,” Adam Pasick reports for Reuters. “Yet EMI Chairman Eric Nicoli and others in the industry are seeing signs of hope coming from the very source of many of the industry’s woes — the Internet. Downloaded music sales on online services such as Apple Computer’s iTunes Music Store are surging, and made up 6 percent of industry revenues in 2005. Nicoli said digital revenues are now expected to offset flagging CD sales within a few years. ‘We’ve seen a tripling in the last year and we’ve hardly gotten started,’ he said this weekend in an interview with Reuters at the music industry’s annual conference in Cannes, where he also delivered the keynote address. Digital music sales topped the $1 billion mark last year, according to the International Federation of the Phonographic Industry, compared with $380 million in 2004.”
Pasick reports, “He acknowledged that in a complex and rapidly changing sector, predictions and projections are an inexact science. ‘We thought subscriptions (services such as Napster and Rhapsody that offer unlimited music for a monthly fee) would be huge — it hasn’t been,’ he said. Mobile music, apart from phone ringtunes, has also developed more slowly than many had hoped. ‘We’re at year zero — if that — with mobile,’ Nicoli said.”
Full article here.
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Study shows Apple iTunes Music Store pay-per-download model preferred over subscription service – April 11, 2005