“Global sales of digital music are continuing to rise, generating revenues of $1.1 billion US for record companies last year and softening an overall slump in music sales, the industry said Friday,” The Associated Press reports. “The International Federation of the Phonographic Industry, or IFPI, said that revenues from digital sales almost tripled from $400 million in 2004. The total number of digital single tracks downloaded online or to mobile phones rose to 470 million units, up from 160 million.”
“However, overall music sales continued their decline of recent years, dropping another three per cent in 2005, largely due to a 6.7 per cent drop in the value of CD purchases,” AP reports. “Single-song downloads dominated global online sales, accounting for 86 per cent of purchases. Apple Computer Inc.’s ITunes Music Store remains the market leader. ‘When you can buy just the songs you like in a digital format, you don’t have to buy the album,’ said Phil Leigh of Inside Digital Media, a U.S. market research firm.”
Full article here.
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