The music industry suffered a significant loss in physical music sales in 2006, but the digital music market continued to grow, a new report has revealed.
According to the International Federation of the Phonographic Industry (IFPI), physical music shipments, such as CDs, fell by 11 percent to $17.5 billion last year, while digital shipments increased by 85 percent to $2.1 billion. Commenting on the figures, IFPI chairman John Kennedy said that the industry had hoped the loss in physical sales would have been offset by the growth in music downloads. "But while digital sales have grown as expected, physical sales have fallen by more than expected," he remarked.
The IFPI stated that digital music formats, which include those downloaded onto computers and cell phones, accounted for 11 per cent of total shipments last year. In related news, reports earlier this week suggested that Universal did not intend to renew its contract with Apple's iTunes for the online distribution of its music.
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