Media News - Thursday, August 16, 2012
On-demand services like Spotify and We7 will generate GBP 696m for the global music industry in 2012 - a rise of 40 percent, new research has suggested. It means streaming music is the fastest-growing sector of the industry, overtaking downloads, which are due to see an increase of 8.5 percent this year. CDs and vinyl still dominate the industry, accounting for 61 percent of all music sold worldwide. But sales of physical products dropped by 12 percent globally, and 30 percent in the UK. The research was carried out by industry watcher Strategy Analytics, which noted a marked contraction in the UK music market during the first six months of 2012. Total spending on music will fall by GBP 190m, or 16 percent, in the UK this year it predicted, compared to 2.6 percent globally. "The extent of the decline took us a bit by surprise," said Ed Barton, the company's director of digital media. The lack of new material from pop and rock's biggest stars could be responsible for the drop-off, he added. Strategy Analytics forecast that spending on digital music - including downloads, streaming music and mobile sales - would overtake that of physical products like CDs in 2015, both in the UK and worldwide. The firm's research backs up statistics from record industry bodies around the world. (BBC News)
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