Global Music Sales Down 7.6% Last Year
From Dow Jones/Associated Press
Global sales of recorded music fell for a fourth consecutive year in 2003, according to the International Federation of the Phonographic Industry.
The trade group said sales of recorded music in both audio and video formats fell 7.6% in value and 6.6% in units compared with 2002 and were valued at $32 billion on unit sales of 2.7 billion.
The market has declined by $6.2 billion since 1999, a fall of 16.3% at a constant exchange-rate basis, which eliminates the effect of currency fluctuations.
The group attributed the decline mainly to CD burning and illegal downloading, competition for consumer spending from DVDs and cellphones and economic uncertainty, particularly in Latin America and Asia
