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January 19, 2006

Music Sales Boom on Internet

Posted by David Hunter at 11:22 AM ET.

From the AP:

Worldwide sales of music via the Internet and mobile phones hit $1.1 billion last year, triple 2004 sales and accounting for 6 percent of global record company revenues, the industry said.

The London-based International Federation of the Phonographic Industry, or IFPI, said music fans around the globe downloaded 420 million single tracks in 2005, more than double the 156 million downloaded the previous year.

“2005 was the year that the digital music market took shape,” said IFPI Chairman John Kennedy.

The IFPI also called on Internet Service Providers, or ISPs, to join the fight against music piracy, which it claims severely erodes the profits of its 1,450 member record companies across the globe.

Six percent is still small, but it’s moving up fast.



Filed under DRM, Digital Media, General Business, Technologies

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