Escort Gaziantep — Digital music revenues matched physical sales for the first time in 2014 thanks to strong growth in the streaming market
The digital market rose 69% to $69 billion (£46 billion) representing 46% of all global music sales reported the music industry body IFPI
CDs vinyl and other physical formats also accounted for 46% of the market with rights for performances films and advertisements making up the rest
But overall revenue slipped by 04%
Pharrell Williamss Happy was the most-downloaded single globally in 2014 with Taylor Swift the most popular artist the IFPI said
The London-based body also noted that vinyl sales had increased by 547% and now account for 2% of global revenues
The global recorded music industry was worth $1497 billion (£101 billion) last year down from $15 billion (£10 billion) in 2013
Although the rate of decline has slowed since the mid-2000s it is the second consecutive year of falling music sales
A brief upturn in 2012 when global revenues rose 03% now appears to be an aberration
But the picture varies from country to country The US the worlds largest music market saw an overall increase of 21%
Japan where falling CD sales have dragged down the global industry in recent years saw an increase in digital revenue for the first time in five years as streaming services gained a firmer foothold
Other large markets saw declining sales – including France (down 34%) and the UK (down 28%)
And 37 countries – including Sweden Mexico Spain and South Korea – saw streaming revenue overtake download income
Overall last year saw a steep increase in subscriptions to streaming sites such as Deezer and Spotify with revenues increasing by 39% to $157 billion (£106 billion)
That offset a decline in download sales mostly derived from Apples iTunes store which fell by 8%
The IFPI estimated that out of the 100 million people who use streaming services just 41 million were paid-up subscribers with the rest accessing free ad-supported streams
Its annual Digital Music Report said there was substantial untapped potential for growth within the paid-for category
The market is still expanding with new players such as Tidal expected to be joined by an Apple-branded streaming service later this year
I think we will be looking in the next couple of years at digital surpassing physical said the IFPI chief executive Frances Moore
We are seeing that streaming is really leading the digital market and we can imagine a time when digital will be the majority of music sales
Sony Music chief executive Edgar Berger added: The industry has shifted from an ownership model to access Ive not met anyone who can see beyond streaming So this looks like a final destination
But the IFPI also called on European lawmakers to clamp down on sites like YouTube and Daily Motion which claim exemption from liability when users upload videos containing copyrighted music
