Global Digital Music Sales Are Now Even With Physical Sales
Digital music sales finally caught up with physical sales in 2014, boosting the worldwide music industry.
According to the British industry group IFPI's annual report, physical revenue and digital revenue shared a 46 percent portion of music industry earnings.
The industry on the whole stayed flat from last year, versus 2013's 4 percent slide.
In the U.S., digital revenue already outpaces physical revenue. Download and streaming combined made up 64 percent of overall music industry earning in 2014, according to an RIAA report from earlier this year.
Globally, subscription services such as Spotify and France's Deezer drove the most significant numbers worldwide, growing 39 percent in the last year. That offset a sizeable decline in downloads of 8 percent.
Clearly, more companies are seeing paid streaming services as the way forward in the industry. "Music companies are charting a path to sustainable year-on-year growth," says IFPI chief executive Frances Moore.
Vinyl continued to grow at a staggering clip, with revenues rising almost 55 percent last year. Still, vinyl sales only comprised 2 percent of overall revenues.