Digital music sees sales doubleJanuary 17, 2007
Latest statistics on digital music shows sales have almost doubled to around $2bn in 2006, according to an industry report. The increase of about 10% of all sales, however, has not reached the music companies’ “holy grail” of offsetting the fall in CD sales.
The International Federation of the Phonographic Industry (IFPI) is confident and said digital sales could account for a quarter of all sales worldwide by 2010.
The IFPI’s 2007 Digital Music Report said consumers last year downloaded 795 million tracks, up 89% on 2005, from almost 500 legitimate online music services available in 40 countries.
Despite this overall music sales were down 4% in the first half of 2006.
IFPI chairman John Kennedy said: “The pace of transformation in our industry is breathtaking, but at the moment the holy grail is evading us. I would like to be announcing that a fall in CD sales is being compensated for by an equal or greater increase in online and mobile revenues. But that is not yet happening on a global basis.”
The number of tracks available for download doubled to reach over four million on leading services.