Music industry revenues grew last year for the first time since 1999

digital-sales-grew

Music industry revenues grew last year for the first time since 1999, driven by digital sales

“Music sales grew last year for the first time since 1999, the Financial Times reports. According to trade association IFPI, which compiled industry figures for 2012, this slight increase in recorded music revenues was driven by digital downloads and subscription service fees.

These digital sales represented a third of 2012 global music revenues, worth $16.5 billion. With a 9 percent year-on-year growth, they made up for the 5 percent decline in physical record sales, resulting in a 0.3 percent overall increase. ”The global recording industry has moved on to the road to recovery,” said Frances Moore, chief executive of IFPI, quoted by the FT..”

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