Global Music Market Shrinks by 5%

Global Market Shrinks By 5% In 2006, Says IFPI
July 03,2007

By Lars Brandle, London

The global recorded music market in 2006 slipped by 5% year-on-year, according to new figures published by the IFPI.

The combined market of physical and digital music dropped to $19.6 billion last year, down from $20.7 billion in 2005, the IFPI reports in "Recording Industry In Numbers 2007."

Against a backdrop of shrinking CD sales and piracy, however, the value of physical music shipments was down 11% to $17.5 billion last year.

The results "reflect an industry in transition," IFPI chairman/CEO John Kennedy said in his opening message.

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