Music Sales Drop Again

Figures for 2003 down 7.6%, according to International Federation of the Phonographic Industry; industry enters fifth year of decline.

On April 7, the International Federation of the Phonographic Industry (IFPI) reported that sales of recorded music dropped 7.6% in 2003. Unit sales are off a cumulative 20% over the past three years, the London-based trade association reported. Worldwide sales of CD albums, which account for 86% of all recorded music, dropped 9.1%; CD singles dropped 18.7%. IFPI chairman and CEO Jay Berman described 2003 as “another difficult year” for the music industry, and blamed the slump on “the combined effects of digital and physical piracy and competition from other entertainment products.”

Read more at Stereophile Magazine

Yesterday we reported that according to Yahoo News, music sales are strong in the US and gaining momentum despite digital piracy. You can catch the full article here.