Music industry finally on road to recovery
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.