Worldwide Digital Music Sales Total $1.1 Billion In '05
January 19, 2006 at 11:34 AM (PT)
According to the IFPI's (INTERNATIONAL FEDERATION OF THE PHONOGRAPHIC INDUSTRY) just-released Digital Music Report 2006, sales of music via the internet and mobile phones generated sales of $1.1 billion in '05, which was up from $380 million the previous year.
Music fans worldwide downloaded 420 million single tracks from the internet last year -- twenty times more than two years earlier -- while the volume of music licensed by record companies doubled to over 2 million songs. Digital music now accounts for about 6% of record companies’ revenues.
Mobile music now accounts for approximately 40% of record company digital revenues. Record companies are seeing sharply increased sales of master ringtones, which account for the bulk of their $400 million-plus mobile music revenues.
IFPI Chairman and CEO JOHN KENNEDY said, "Two years ago, few could have predicted the extraordinary developments we are seeing in the digital music business today. And there will be further significant growth in 2006 as the digital music market continues to take shape."
To read the IFPI's comprehensive report on digital music in '05, just click here.