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Digital music sales up 8% in 2011
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Digital music sales grew 8% year on year to hit USD5.2bn in 2011, boosted by growing subscriptions to streaming services and rising digital downloads, according to a new report from the International Federation of the Phonographic Industry (IFPI). The growth suggests that the music industry may finally be winning the war against illegal filesharing, with digital accounting for 32% of labels' total revenue, a record high. However, the growth in the online sector is still failing to offset losses in the wider market, with overall revenues down 3% to USD16.2bn last year, although this is an improvement on the 8% fall in 2010. The IFPI cautions that, while the increases in digital are a positive sign, the industry still facings challenges in returning the overall market to growth.
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