Survey Expects Music Sales To 'Turn Around In 2013'
June 15, 2010 at 4:21 AM (PT)
A report from PRICEWATERHOUSECOOPERS says global music sales are "approaching a turning point as revenue from digital outlets such as APPLE's iTUNES overtake purchases of CDs," reports BUSINESSWEEK.COM. "We’re about to hit that turning point in the global music market," said PRICEWATERHOUSECOOPERS Partner STEFANIE KANE.
The "Entertainment and Media Outlook for 2010-2014," study will be released TODAY (6/15), and expects spending on recorded music will increase to $27.9 billion in 2014, from $26.4 billion last year. Still, 2014 sales will be 19% below their level in 2005, the report said.
Music sales will turn around in 2013, according to the report, "as record companies such as VIVENDI SA’s UNIVERSAL MUSIC GROUP, SONY MUSIC ENTERTAINMENT and WARNER MUSIC GROUP CORP. develop new online services that generate advertising and subscription revenue. Growth in ASIA PACIFIC and LATIN AMERICA also will provide a boost as NORTH AMERICAN sales fall."
Look for mobile phones to be a major part of future growth. "You will see the record labels working more closely with the technology companies, with telephone companies and wireless distribution businesses, to try to figure out a model that’s what consumers are looking for," KANE said.
[Sales "turning around"... but is that enough to save the music business? Do you think it will ever be what it once was ... or is the future something to look forward to? Please share your opinion below.]