2008 global music down by 8%
22-04-2009
Global music sales fell by more than 8% in 2008 to $US18.4 billion. The lower numbers were led by a sharp fall in the United States, according to the world trade body IFPI. The music industry has seen sales tumble in recent years.
It's due to two main factors:
1) consumers are moving to cheaper digital formats such as MP3s... and
2) rampant piracy. Digital sales are growing but they have failed to make up for the drop-off of CD sales. Overall, US sales fell 19% while Europe was down 6%. Asia was the one bright spot with sales up 1%.
