Global digital music sales top $1 billion for first time
Global revenues from streaming and subscription music services increased by 51.3 per cent in 2013 to break the $1 billion level for the first time, according to data from the International Federation of the Phonographic Industry (IFPI).
Overall global music sales fell by 3.9 per cent to $15 billion in 2013. Global revenues from subscription and advertising-supported streams now account for 27 per cent of digital revenues, up from 14 per cent in 2011. More than 28 million people worldwide now pay for a music subscription, up from 20 million in 2012 and eight million in 2010, it said, adding that digital downloads remain a key revenue stream, accounting for 67 per cent of digital revenues. Revenues from downloads globally fell by 2.1 per cent in value, with this fall offset by increases in streaming and subscription revenue.