Digital music revenue revealed good and bad news for the worldwide music industry. The good: More people bought digital music in 2011 than in 2010. The bad: Overall music purchases dropped from $16.7 billion in 2010 to $16.2 billion in 2011.
The figures were provided by International Federation of the Phonographic Industry (IFPI) on Monday. It showed that digital music revenues jumped eight percent to $5.2 billion. But that wasn't enough to stop trend of declining revenue that IFPI says have been happening since the late 1990s.
Piracy was again listed as the cause of the diminishing revenues. However, Frank Moore, chief executive of the IFPI said that the introduction of new legal music services like Spotify has helped to curb piracy.
[via Reuters, Huffington Post]