Market Research Shows Music Streaming To Be the Sound of 2012

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16th August 2012 17:33 - Media and PR

Research by industry watchers Strategy Analytics suggests revenue from music streaming services such as Spotify will generate £696m in 2012, a rise of 40 percent.

Though CD and vinyl still dominate the music industry, accounting for 61% of all music sold worldwide - their sales have dropped by 12% across the globe and by 30% in the UK. Downloads are set to rise by 8.5% globally this year.

This increased contraction in sales of physical products (CD and vinyl) in the UK is set to be mirrored in the wider music industry, with total spending on music set to fall by 16% in the UK, compared to just 2.6% worldwide.

Still, the UK accounts for around 44% of the music download market in Western Europe, thanks in part to high levels of broadband penetration. Digital downloads are expected to generate around £194m in the UK in 2012.

Strategy Analytics forecast that spending on digital music - including downloads, streaming music and mobile sales - will overtake the sale of physical products like CDs in 2015, both in the UK and worldwide.

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