Digital music consumption is definitely the way of the future. Digital music now makes up 36.7% of the industry’s value, compared to 27.2% last year.
Physical music sales were down 13.8% on 2010 figures, yet still bringing in$242 million dollars worth of revenue. The report also states that he current overall industry value of $382.7 million is a drop of 27.5% on the $528.2 million that was generated in 2005.
ARIA CEO Dan Rosen had both positive and negative things to say about the report’s unsurprising findings.
“2011 was an extremely positive year for our industry and we enter 2012 with a great deal of momentum on all fronts. There were a whole range of fantastic releases by artists both here and abroad and the array of options by which music fans could listen to, consume and purchase music grew exponentially.”
“While as an industry we are doing all we can to embrace the digital media landscape by offering music fans more options than ever before to get their music legally online, we require urgent assistance in the fight against the negative impact of illegal online piracy. We will continue our fight to protect the rights of artists and labels, ensuring money flows back for their creative work and to the grassroots of the music industry. We will work in good faith with the Government and ISPs for practical progress in the coming year.”
Read the entire report here.