UK Music Downloads Reach Record High

The UK music download industry has continued to grow over the course of this year, with experts predicting that the sales tally for 2007 could reach £160 million according to figures released today,

Figures released on behalf of music industry analysts Verdict showed a significant growth in the sale of music downloads and ringtones over 2007 compared with previous years, with the prediction that sales could top £163 million by the end of this calendar year.

Compared to sales over last year, the music download industry has risen by over 45%, reflecting an upturn in the download music format as compared to physical reproductions, which many analysts have attributed to the rise in mp3 players like the iPod and a growing trend towards more portable music formats and digital music reproduction.

The music industry began to feel the effects of intangible music formats several years ago, where it was predicted that the rise of peer to peer file sharing platforms would destroy the industry with consumers able to copy and share music for free. Music sales have been consistently down with the growth of faster broadband internet connections, which led to the industry backing paid downloads in connection with their regular formats.

As a result music is selling quicker online than in store for the first time ever, as the way in which consumers buy there music changes irrevocably.

The figues released today stressed that whilst the download market had grown significantly over the period, so too the sales of music CDs and DVD had fallen by almost 3%, down to £4 billion for the year.

It remains to be seen whether the impact of music downloads in future years will continue to impact upon CD sales, and indeed whether the threat posed by piracy will destroy the recorded music industry as a mainstream medium.

Story link: UK Music Downloads Reach Record High