MUSIC NEWS - The sales globally of recorded music fell approximately 9% in 2010 as rampant piracy hurt major markets, threatening jobs, investment and the discovery of new artists, the industry's trade group, International Federation of the Phonographic Industry, announced today. The IFPI said nearly 19 out of 20 music tracks downloaded from internet sites last year were illegal, hurting demand for the legitimate sales of physical and digital tracks / albums.
"As an industry we remain very challenged," the IFPI chief executive Frances Moore stated. "We are working in a very very difficult environment. Nineteen out of 20 music downloads are illegal." "We had independent research last year that says that in Europe we could lose 1.2 million jobs in the creative sector by 2015, which is about 10 percent of the work force."
The overall drop in global music sales in 2010, which followed a 7 percent decline in 2009 to $17.3 billion, came despite a 6 percent increase in digital music sales, to $4.6 billion, and is similar to declines in dvd sales. Digital sales accounted for twenty nine percent of record companies' revenues. The digital growth follows efforts by the music industry to sign more deals with new services, like mobile companies, web sites and advertisers.
More @ IFPI.org