The IFPI, International Federation of the Phonographic Industry, the organization that represents the global music industry, has released figures that show global music sales have plunged more than 8 percent in 2008 compared to the year before.
CD sales were hit hard, dropping by 15 per cent. Meanwhile, sales of digital music, which includes streaming through advertising supported services, online subscriptions, mobile music, and song downloads saw a 24 per cent increase, but this rise wasn’t enough to make up for the huge losses in other areas.
Obviously, factors such as illegal downloads should be taken into consideration here, but the figures demonstrate just how tough things are for the music industry.
However, there were some areas of growth including income from television plays and the radio. Royalties from these sources rose by 16% last year to £548 million, proving how dependent the industry is on these areas.
In Britain, the PRS has had a lengthy row with Youtube over royalty payments, which threatens to re-write the way these are paid. Europe remains the healthiest music market, with European agencies taking in some £394 million.
In response to changing circumstances British artists have formed the Featured Artists Coalition with members including Radiohead, Billy Bragg and many more.
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