Fueled by the popularity of streaming, digital music has matched and will likely soon surpass physical formats in the money it generates, a global industry group said Tuesday. The IFPI, the London-based body for the recording business, described the boom in streaming services as good news for the industry even though overall revenue still slipped in 2014. For the first time, digital and physical music sales were roughly even with each representing 46 percent of revenue for the industry, with rights for performances, films and advertisements making up the rest. "I think we will be looking in the next couple of years at digital surpassing physical," said Frances Moore, chief executive of the IFPI, which stands for the International Federation of the Phonographic Industry.
On a global scale, digital music purchases are now on par with purchases of CDs and other tangible music items, according to The International Federation of the Phonographic Industry (IFPI)'s digital music report, released on Tuesday. Overall, industry revenues have dropped by 0.4 percent to $14.97 billion dollars in 2014, however, digital music revenues rose 6.9 percent to $6.9 billion, which represents 46 percent of global music sales, according to the report.
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Our guide to this week's album releases also features the week's top new music videos from artists like Florence + The Machine, Panda Bear, and Todd Terje, plus brand new streaming music from the likes of Built to Spill, Alabama Shakes, Tyler, the Creator, and more. Read and Post Comments | Get the full article at Metacritic