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Music industry finally on road to recovery

A global music industry that observers say has finally turned the corner and is moving towards recovery provides a more positive backdrop to the annual MIDEM trade fair that opens Saturday.
"I believe we can now say that the music industry globally is on the road to recovery and heading for growth for the first time since 1999," Frances Moore, CEO of the IFPI (International Federation of the Phonographic Industry), the body that represents the interests of the international recording industry, told AFP ahead of the four-
day event.

"We may not get there this year, but the direction of travel is clear," Moore added, noting that every digital revenue stream, including music downloads, subscriptions, ad-revenues and other channels are all growing.

The vibrant, growing digital music sector, however, will only realise its full potential if copyright laws are protected, the IFPI boss cautioned.

The main driver helping fuel this turnaround in the music sector is the increasing popularity of music download and subscription services such as Deezer, MOG and Spotify, say industry executives.

"Download and subscription services are growing fast, driven by smartphones and tablets," Edgar Berger, President and CEO International of Sony Music entertainment, one of the world's largest record labels, told AFP.

This advance is also worldwide, Edgar stressed, noting that eight of the top 20 music markets are showing growth, and this is a group of countries that span all the continents.

"I'm extremely confident about the future development of the recorded music industry going into 2013," Edgar said.

How much this upturn in the digital music sector can cover the losses and decrease in physical formats such as CDs and records, however, is still uncertain, according to experts.

MIDEM Director, Bruno Crolot said that digital music is growing in a way that it's now starting, at least in some territories such as the US, to cover the losses and decline in physical sales.

18:21 | |

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