Strategy Analytics has published its latest report: Global Recorded Music Forecast. It says the overall digital (including mobile) music spending will increase by 17.8 per cent ($1.3 billion) in 2012 to $8.6 billion compared to a 12.1 percent decline ($1.9 billion) in packaged sales. This means that digital music will increase its share of global recorded music spending to 39 percent in 2012. Streaming services will take over as the leading revenue growth engine for the music industry in 2012
- Global Online streaming revenues : to reach 40 percent in 2012 to $1.1 billion
- Download revenues will increase by 8.5 percent to $3.9 billion
- Streaming services to generate an extra $311 million which is $8 million more than downloads at $303 million.
Strategy Analytics also forecasts digital spending will overtake physical on a global basis in 2015; however, some countries, such as the US, Sweden and South Korea, are making the transition to digital taking the lions’ share of spending at a much faster rate.
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