The International Federation of the Phonographic Industry (IFPI) has published a new report revealing an 8% growth in digital music revenues, with subscriptions to legal streaming sites increasing by 65% in 2011.
The IFPI, who are essentially the global trade body for the music industry published their ‘Digital Music Report 2012’ this week, stating that worldwide digital revenues from music hit an estimated $5.2bn, climbing year on year by an encouraging 3% from 5% growth in 2010.
As a result, digital channels account for an estimated 32 per cent of record company revenues globally, up from 29 per cent in 2010, according to the report. Tracks and albums are available digitally in more countries than ever, a total of 58, with downloads in the US, South Korea and China accounting for more than half of the income generated by music companies. Paying subscribers of streaming services hit 13.4 million across the globe last year, with 2.5 million of these signing up to Spotify premium.
Flipping over the B-side, the percentage of Internet users accessing at least one site hosting illegal downloads per month is 27% in Europe and 28% worldwide, with around half using peer-to-peer networks- figures that revealingly don’t show a decrease from the previous year.
CEO of IFPI Frances Moore said: “As we enter 2012, there are good reasons for optimism in the world of digital music. Legal services with expanding audiences have reached across the globe and consumer choice has been revolutionised. Meanwhile momentum is building in the fight against piracy as governments and a growing circle of intermediaries engage with our industry”.
To find out more about the report go the IFPI’s website.