This time last year, the music industry was celebrating the IFPI’s report showing that global recorded music revenues had risen 0.3% in 2012 – the first year of growth since 1999.
Today, though, the body’s annual Digital Music Report poured if not a bucket, then certainly a cup of cold water on those celebrations. In 2013, global revenues dropped 3.9% to a value of $15bn. However, the IFPI chose to focus on the positive aspects, as well as confirming that the overall figures are skewed by a particularly sharp drop in Japan.
“It’s a year of good news and bad news – but quite a lot of good news,” said Max Hole, chairman and CEO of Universal Music Group International.