Global digital music gains struggle to offset declining physical music sales

New Update

BOSTON, USA: The Global recorded music market was up 3 percent in 2012 reaching $23.7 billion and it is expected to remain flat over the forecast period according to the latest research by Strategy Analytics' Digital Media Strategies (DMS) team.

The Global Recorded Music Market Forecast predicts the market will continue to be below 2009 revenue levels as digital music growth struggles to offset steep declines in physical music sales across all regions.

Key findings:

* Total packaged music sales will decrease to $13 billion in 2013-nearly half of 2007 packaged music sales.

* Digital music sales will surpass the $10 billion mark this year boosted by strong growth in both online and mobile music segments.

* Online music segment is expected to grow by double digit growth rates across all regions, except North America, as the region's market reaches maturity.

* Following a strong 2012 in online downloads, this segment will grow at a markedly slower rate over the next five years as spending shifts to streaming services.