Global music sales rise for first time since 1999
LONDON (AFP) - The music industry announced on Tuesday the first lift in global sales since 1999, suggesting that the long-awaited fightback against the digital revolution has begun.
Sales rose 0.3 per cent to US$16.5 billion (S$20.4 billion) in 2012, according to the International Federation of the Phonographic Industry (IFPI), which represents some 1,400 record companies worldwide.
The growth may be modest, but for an industry that appeared to be in terminal decline as it also battled against rampant Internet piracy, it was almost cause to break into song.
"It is hard to remember a year for the recording industry that has begun with such a palpable buzz in the air," said Frances Moore, chief executive of the London-based IFPI.