Digital music far outstrips CDs and records
Music downloading has now surpassed sales of CDs and records
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Friday, 01, Jun 2012 09:21
By Mark Fordham
UK digital music revenue has overtaken sales of physical formats such as CDs for the first time in the first three months of the year.
According to figures compiled by the British Phonographic Industry (BPI), digital accounted for 55.5 per cent of the £155.8 million spent on music in the UK.
The impressive growth in digital managed to offset a decline in CD sales to boost the overall record industry's market value by 2.7 per cent.
Income from digital sales has risen by nearly a quarter (23.6 per cent) year-on-year to £86.5 million, however, shipments of CDs and vinyl have dropped by 15 per cent to just £69.3 million.
Chief executive of the BPI Geoff Taylor said the results have shown that the industry's prospects for growth are brighter than they have been for some time.
"UK record labels have embraced digital to their core, supporting innovation and licensing more new online and mobile services than any other country," he continued.