The IFPI published its annual Digital Music Report with some optimistic findings. Frances Moore, chief executive of IFPI said: “It is hard to remember a year for the recording industry that has begun with such a palpable buzz in the air. These are hard-won successes for an industry that has innovated, battled and transformed itself over a decade. They show how the music industry has adapted to the internet world, learned how to meet the needs of consumers and monetised the digital marketplace.”
Here are some of the key takeaways from the IFPI’s release announcing the report:
- The global recorded music industry is on a path to recovery, fuelled by licensed digital music services and rapid expansion into new markets internationally. Recorded music is also helping drive a broader digital economy, according to IFPI’s annual Digital Music Report.
- Global recorded music industry revenues rose by an estimated 0.3 per cent to US$16.5 billion in 2012, the first year of industry growth since 1999. Digital revenues saw accelerating growth for the second year running, up 9 per cent, with most major digital revenue streams – downloads, subscription and advertising-supported – on the rise.
- The digital music business is globalising fast, as smartphones and new licensed services span new and emerging markets. In January 2011, the major international download and subscription services were present in 23 markets. Today, they are in more than 100.