Worldwide Market For Digital Music Doubles

[DudeAsInCool]

LONDON — The global market for digital music was worth about $2 billion last year, double the revenues recorded in 2005, according to the International Federation of the Phonographic Industry's Digital Music Report, published Wednesday.

The report reveals that downloads of single tracks increased by 89% to 795 million, as the actual number of songs available for music fans to download doubled to four million, with 500 legitimate services in more than 40 countries now selling digital music.

With online sales and sales to mobile phones enjoying a 50-50 split of the market, the actual money spent by consumers on digital music is far higher, with IFPI only reporting trade revenues, rather than retail prices.

Read More