Max Hole, Chairman and CEO of Universal Music Group International recently expressed his concern over the drop of recorded music sales in Australia in 2013.
Last year the market took an 11.68 percent hit, and recorded music sales hit an all time low since digital sales started up in 2005.
Speaking at a launch for IFPI’s Digital Music Report 2014, Max Hole shared this thoughts on the matter.
“Of course we’re concerned,” Hole said, responding to a question from theMusic.com.au.
“We’re now in a position where we have a portfolio business, we sell a whole array of products. As I mentioned early on the physical business has held up better than we though, particularly in the deluxe part, but it’s declining nonetheless.”
“The download business is at different states of development in different parts of the world and in Australia it’s definitely reaching maturity,” Hole said. “The streaming and subscription part of the play in Australia probably needs another year for it to really kick in and take up the slack and return the country to growth.
“So I think, of course we’re concerned, we’re always concerned in any country where we see a decline, but I think it in the long term sense there’s no reason to expect the streaming and subscription business won’t pick up the slack in Australia going forward.
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