Global digital music revenue has grown 20,900 percent since the music business started keeping count in 2003 – but it still needs government protection to grow further, says the International Federation of the Phonographic Industry (IFPI), the industry’s main trade umbrella.
2009 digital sales hit $4.2 billion, or 27 percent of industry revenue – up from £20 million and a negligible share in 2003 – according to IFPI’s Digital Music Report 2010, published on the eve of the big Midem industry conference in Cannes, from which I will be reporting this weekend.
“It would be great to report these innovations have been rewarded by market growth, more investment in artists, more jobs. Sadly that is not the case,” writes IFPI CEO John Kennedy in the report. “Digital piracy remains a huge barrier to market growth. [Read More]