Music Downloads To Overtake Physical Sales
Digital music sales in the UK have been projected to overtake physical revenues for the first time in 2011, while total recorded music spend will reach £1.75bn by 2014 - up 4.4% from 2009. This is the claim in PriceWaterhouse Coopers’ (PwC) latest market forecasts for the entertainment and media sectors - the ‘Global Entertainment & Media Outlook 2010-2014’.
While steady growth is projected over the next five years, the total market will still fall short of the £1.96bn generated in 2005, is the highest yearly revenue to date. According to PwC's numbers, 2010 is the turnaround year for music sales in the UK, with revenues of £1.48bn expected - up from £1.41bn last year.
The report claims that anti-piracy laws and education programmes will have a positive impact on music sales and after a decade of businesses trying to work out how to adapt to the internet era, certain key new business models will come into their own and start making money. In part this will be because consumers will adapt and become more willing to pay for digital content, notably by streaming and on mobile services, using services such as Spotify and We7.
Published: 16 June 2010