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Digital music streaming ahead of physical sales

Figures from the International Federation of the Phonographic Industry show digital music revenues surpassed physical music sales for the first time in 2014, as soaring subscriptions to streaming services offset a decline in downloads. Digital revenues increased globally by 6.9% to $6.85bn, slightly ahead of physical sales, which were down 8% at $6.82bn. The number of consumers paying to stream music from services such as Spotify grew by almost half, boosting subscription revenues by 39% to $1.57bn. Edgar Berger, chairman and CEO of Sony Music International, said the industry had reached a tipping point. While downloads still account for 52% of total digital revenues, Berger pointed out that 'streaming has overtaken downloads in 37 markets'. The next challenge was to attract more customers towards paid models of streaming, he added.

 

Note: News bulletin content has been provided by a third-party and is not the opinion of Santander.

 

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