There’s some good news and bad news for the music industry. Which do you want to hear first?
According to Nielsen SoundScan and the International Federation of the Phonographic Industry, digital distribution of music is up 40 percent in 2007 compared to the year prior.
Specifically, digital music sales topped $2.9 billion in revenues worldwide last year.
But before music labels consider popping champagne…
CD sales, on the other hand, dropped 19 percent from 2006, down to 449.2 million units sold.
The report projected illegal downloads now outnumber legitimate downloadable tracks 20 to 1. Yikes.