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Music industry finally on road to recovery

Published on Jan 26, 2013 5:17 PM
South Korean YouTube sensation Psy, who shot to international fame with his Gangnam Style video that clocked up the highest-ever number of YouTube views, will also jet into the seaside resort to attend the NRJ Music Awards 2013 that take place on the eve of the MIDEM show. -- PHOTO: CHARLES SYKES/INVISION/AP

CANNES (AFP) - A global music industry that observers say has finally turned the corner and is moving towards recovery provides a more positive backdrop to the annual MIDEM trade fair that opens on Saturday.

"I believe we can now say that the music industry globally is on the road to recovery and heading for growth for the first time since 1999," Mr Frances Moore, CEO of the IFPI (International Federation of the Phonographic Industry), the body that represents the interests of the international recording industry, told AFP ahead of the four-day event.

"We may not get there this year, but the direction of travel is clear," Mr Moore added, noting that every digital revenue stream, including music downloads, subscriptions, ad-revenues and other channels are all growing.

The vibrant, growing digital music sector, however, will only realise its full potential if copyright laws are protected, the IFPI boss cautioned.

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