Digital Music Growth Slows As Global Sales Drop 10%

Global music sales dropped 10% in 2007 according to the International Federation of the Phonographic Industry. Digital music sales growth slowed to 40% during ’07 after doubling in 2006.

Worldwide digital sales, which include iTunes and mobile downloads now account for 15% of the world’s music market, up from 10% in 2006, but hopes digital music sales would offset declines in physical music proved optimistic. Nielsen Soundscan has pegged the global music decline at 14% in 2007.

Global digital sales grew to $2.9B up from $2.1B in ’06,according to the IFPI.  Single track downloads grew by 53% to 1.7 billion including those on full digital albums.