Digital music revenues matched physical sales for the first time in 2014, thanks to strong growth in the streaming market.
The digital market rose 6.9% to $6.9 billion (£4.6 billion), representing 46% of all global music sales, reported the music industry body IFPI.
CDs, vinyl and other physical formats also accounted for 46% of the market, with rights for performances, films and advertisements making up the rest.
But overall revenue slipped by 0.4%.
Pharrell Williams’s Happy was the most-downloaded single globally in 2014, with Taylor Swift the most popular artist, the IFPI said.
The London-based body also noted that vinyl sales had increased by 54.7%, and now account for 2% of global revenues.
UK sales drop
The global recorded music industry was worth $14.97 billion (£10.1 billion) last year, down from $15 billion (£10 billion) in 2013.
Although the rate of decline has slowed since the mid-2000s, it is the second consecutive year of falling music sales.
A brief upturn in 2012, when global revenues rose 0.3%, now appears to be an aberration.
But the picture varies from country to country. The US, the world’s largest music market, saw an overall increase of 2.1%.
Japan, where falling CD sales have dragged down the global industry in recent years, saw an increase in digital revenue for the first time in five years, as streaming services gained a firmer foothold.
Other large markets saw declining sales – including France (down 3.4%) and the UK (down 2.8%).
And 37 countries – including Sweden, Mexico, Spain and South Korea – saw streaming revenue overtake download income.
Source-BBC
