MUSIC NEWS - Once again, worldwide recorded music sales fell sharply for another year, this time by 10 percent in 2009, the NYTimes reported. And once again, digital music sales increases were unable to cover the losses as the drop in physical CD revenues fell sharply.
Global digital music sales, that include revenue from the Internet and mobile phones, increased by 12 percent to $4.2 billion and made up 27 percent of the recording industry revenue, said the industry trade group, International Federation of the Phonographic Industry. But with CD sales falling 16 percent worldwide, the industry was reduced to $15.8 billion in 2009 from $17.5 billion in 2008.
"Sadly, today we are not at the turning point," John Kennedy, chief executive of the IFPI said. "I still hope that in a few years' time, that point will come."
Kennedy added that the slump was hurting the development of local music, since record companies have less money to invest in new artists and attributed piracy as a big reason for the decline.
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