Music sales fall 10 pct in 2007

January 24, 2008

The International Federation of the Phonographic Industry (IFPI), a trade body which represents the recording industry worldwide, says the gatekeepers of the Web must act if the industry is to beat piracy. Global digital music sales were estimated to be approximately $2.9 billion in 2007, a roughly 40 percent increase on 2006 but the IFPI says this was not enough to offset the sharp fall in CD sales, meaning the overall market is expected to be down around 10 percent for 2007. Reuters Technology Correspondent Matt Cowan reports.