Digital music sales touch $1.1 billion in 2005
Last year was a boom time for digital music stores as the sales touched a phenomenal figure of $1.1 billion. This is triple the figures for 2004 when the industry saw sales of $380 million in 2004. These figures have been released by the International Federation of the Phonographic Industry.
As per the report, as many as 420 million single tracks were downloaded from the Internet. This itself is a 20 times the number downloaded from the net in 2003. They have also stated that the music companies have doubled the number of songs available for sales on the internet.
In addition, digital music sales now record for as much as 6 percent of record company revenue. This has got them interested more into this new age phenomena of selling songs on the internet. In fact, a recent report had claimed that Apple iTunes has now overtaken many popular record stores in America in terms of sales of music in the USA.
IFPI spokesperson Julie Harari added on their research report: “We expect the growth of digital music sales to continue in the near term. While Asia is currently the strongest market, Europe should gain traction in 2006 followed shortly by the U.S., which leads in global online music sales.”
In fact, mobile based downloads is set to increase in the coming times considering the technology has improved considerably in the last year which makes it faster and easier for consumers to get songs from the mobile networks. In fact, they already make around 40% of all digital music sales for the music record companies.