Digital music revenues matched physical revenues for the first time in 2014, the IFPI’s Digital Music Report has revealed.
Findings from the study showed that digital revenues rose 6.9 percent to $6.9bn (£4.7bn), representing 46 percent of all global music sales and on an equal par with physical.
At the same time, overall global revenues fell by 0.4 percent to $14.97bn while music streaming was one of the music industry’s most burgeoning businesses over the year. This area represented 23 percent of the digital market and generated $1.6bn in trade revenues.
Frances Moore, chief executive of IFPI, said: ‘The recorded music business has always led the way for creative industries in the digital world.
‘That leadership continues today as the music industry’s digital revolution continues through new phases, driven by the consumer’s desire for access to, rather than ownership of, music. It is a reflection of how much we have adapted that digital revenues today are, for the first time, on a par with physical.’
She continued: ‘The headline statistics of 2014 speak for themselves, with overall revenues still largely flat, down by 0.4 percent. Music companies are charting a path to sustainable year-on-year growth. That path was never going to be straight, but we are making great strides along it.’
Elsewhere in the physical business, vinyl sales continued to revive with revenues increasing 54.7 percent, accounting for two percent of global revenues.
Visit the IFPI website to access the full report.
Findings from the study showed that digital revenues rose 6.9 percent to $6.9bn (£4.7bn), representing 46 percent of all global music sales and on an equal par with physical.
At the same time, overall global revenues fell by 0.4 percent to $14.97bn while music streaming was one of the music industry’s most burgeoning businesses over the year. This area represented 23 percent of the digital market and generated $1.6bn in trade revenues.
Frances Moore, chief executive of IFPI, said: ‘The recorded music business has always led the way for creative industries in the digital world.
‘That leadership continues today as the music industry’s digital revolution continues through new phases, driven by the consumer’s desire for access to, rather than ownership of, music. It is a reflection of how much we have adapted that digital revenues today are, for the first time, on a par with physical.’
She continued: ‘The headline statistics of 2014 speak for themselves, with overall revenues still largely flat, down by 0.4 percent. Music companies are charting a path to sustainable year-on-year growth. That path was never going to be straight, but we are making great strides along it.’
Elsewhere in the physical business, vinyl sales continued to revive with revenues increasing 54.7 percent, accounting for two percent of global revenues.
Visit the IFPI website to access the full report.
