Monday, August 28, 2006

Music industry must wait for online boom to take effect

copyright Brand Republic
Published: 25 Aug 2006

ONDON - Online music will take four more years to be hailed as the saviour of Europe's declining music industry, according to latest research.

A report by media research firm Screen Digest says the rapid growth in online music buying is set to continue but will not offset an overall decline in more traditional forms of music retail until 2010.

The research shows that the value to the industry of online music buying across Europe will more than double from £82m last year to £190m by the end of this year.

At this rate by 2010, the value of online music could be worth around £745m, which Screen Digest believes is the key figure needed to halt the decline in the music industry as a whole.

Overall across Europe, the music market has lost 22% of its total value since 2001 because of the drop-off in physical music sales.



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