Digital and Physical On Par
According to a report published this month by the International Federation of the Phonographic Industry (IFPI), global revenues from digital music services matched those from physical format sales for the first time in 2014.
The report, which can be read in full here reveals that global digital revenues increased by 6.9% to $6.9 billion (which is at least easy to remember when dropping the stats), representing 46% of all global music sales- the same as physical formats, with the remaining 8% made up in performance rights and sync as opposed to some kind of ethereal music format.
Interestingly, a 39% increase in subscription revenues offset an 8% drop in paid for downloads, with downloads still representing 52% of digital revenues- at least for now.
Subscription services now represent 23% of the global digital market and the industry’s overall global revenues last year dropped by 0.4% to $14.97bn. Paying users of subscription services rose 46.4% to an estimated 41 million.
Chief Executive of IFPI Frances Moore said: “The recorded music business has always led the way for creative industries in the digital world. It is a reflection of how much we have adapted that digital revenues today are, for the first time, on a par with physical”.
Moore continued: “The headline statistics of 2014 speak for themselves. 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, embracing new models, licensing, investing and improving consumer choice”.
The top three global selling albums last year were the Frozen OST, Taylor Swift’s ‘1989’ and Ed Sheeran’s ‘x’ in that order, with Coldplay, Sam Smith, One Direction and AC/DC also appearing in the top ten.
If you want yet more stats to speak for themselves, go to the IFPI’s website here.
© Generator 2021 - All rights reserved.
Delivered with Cargo Creative