New Publishing market report from MarketLine: "The music industry: The rise of digital music"
Boston, MA -- (SBWIRE) -- 12/16/2013 -- The global music industry reached a high of nearly $30bn in revenues in 1999 before going into decline. This decline continued consistently until the industry grew by 0.3% in 2012. The increased popularity of legal digital music services, which grew by 9.8% in 2012, has been credited as the dominant force behind this growth.
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*In 2003, CDs represented 94.8% of music sales in the US. By 2012, this had fallen to 35.8% of US sales.
Download sales of singles and albums grew by 12% to 4.3 billion units in 2012. Subscription and ad-supported royalty fees grew at a much stronger rate: 71.4%.
The last 15 years has seen the emergence of online music piracy. However, there is still some disagreement over whether, or to what extent, this has affected the music industry's revenues. In order to try to eradicate piracy, the Copyright Alert System has been developed with major US Internet Service Providers (ISPs.)
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Your key questions answered
- Why has the music industry experienced decline since 1999?
- What was the driving force behind the music industry's marginal growth in 2012?
- How has the way in which we access music changed in the past 40 years?
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