Report blames piracy for slow online music revenue growth
The Associated Press
Published Monday, January 23, 2012 12:54PM EST
LONDON - A report by the global music industry lobbying group says the growth in digital revenues remains stuck in the single figures.
The International Federation of the Phonographic Industry blames piracy and government sluggishness for the failure of online business to take off.
While a report out Monday says that digital revenue has risen by 8 per cent over the past year one analyst says that isn't nearly enough to make up for the decline in sales elsewhere.
Independent media analyst Mark Mulligan says that in Britain and the United States "we've already lost half of the music market in the past 10 years."
IFPI chief Frances Moore acknowledged that digital growth "should be much higher" but said that widespread piracy still posed a challenge to the industry.