Thanks Adele! Music Industry Grows For First Time In 13 Years
The music industry has risen for the first time in 13 years.
The worldwide recorded music industry grew for the first time in thirteen years in 2012, pulling in $16.5 billion, which represents an increase of 0.3 per cent. The rise is essentially down to streaming sites and downloaded music, with Adele's massive selling album '21' and Carly Rae Jepsen's smash hit single 'Call Me Maybe' contributing heavily.
Digital record sales rose a huge 9 per cent to $5.6 billion and now account for some 34 per cent of total revenue, according to the International Federation of the Phonographic Industry. It's welcome news for the music business, which has taken a battering from piracy and declining sales of CDs in recent years. "These are hard-won successes for an industry that has innovated, battled and transformed itself over a decade," said Frances Moore, chief executive officer at IFPI. "They show how the music industry has adapted to the Internet world, learned how to meet the needs of consumers and monetized the digital marketplace."
The number of people using illegal music-file sharing dropped by 17 per cent - another encouraging statistic - with the practise thought to have peaked in 2005, when one in five Internet users over the age of 13 were using illegally accessed files. "For the music industry, which has been battling digital piracy for over a decade, last year was a year of progress," said Russ Crupnick, senior vice president of industry analysis at NPD. "Among other factors, the increased use of legal and licensed streaming services has proven to be an alternative for music fans."
Other big records thought to have boosted the music industry in 2012 included One Direction's 'Up All Night' and Taylor Swift's 'Red' as well as albums by Maroon 5 and Flo Rida.