22 Apr 2009

Global music sales down 8% in 2008

10:30 am on 22 April 2009

Global recorded music sales fell by more than 8% in 2008 to $US18.42 billion, according to the world music trade body IFPI.

Recorded music sales have fallen in recent years due to piracy in many countries and a transition by consumers to cheaper digital song formats such as MP3s.

Overall, US music sales fell by 19% last year. Sales in Europe were down by 6%. Latin America was also down by 5% but Asia was up slightly by 1%.

Digital music sales grew by 24% globally to $US3.78 billion.