Out of tune: global music sales tumble
Global music sales have plunged more than eight per cent in 2008 compared to the year before, according to a record industry organization.
The IFPI, which represents most of the world’s music labels including giants such as Sony Music Entertainment, Universal Music Group and EMI, says the drop is partly due to the lower price of downloads over the internet.
Sales of CDs and vinyl were hit hard, dropping by 15 per cent.
Meanwhile sales of digital formats like MP3s and ringtones grew by 24 per cent worldwide. However, people who download tend to take single songs rather than entire albums.
And record companies got a massive boost in monies from music used on radio, TV and being played in public.
Asia provided a small bright spot with sales up slightly by one per cent.
The IFPI says any boost they got was not enough to make up for the loss in overall music sales.
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