Ninety-five percent of music downloaded from the internet is done illegally, reports IFPI (International Federation of the Phonographic Industry). This body overseeing the music industry emphasizes that digital piracy is the biggest challenge facing today’s music industry.
Although online music sales have increased by 25 percent and now account for one-fifth of total sales in the music industry, IFPI reports that global music industry revenue has fallen by 7 percent. This decline in sales is primarily due to the fact that CD sales have underperformed and that the increase in digital releases could not compensate for it. IFPI, which represents 1,400 companies in 72 different countries around the world, estimates that over 40 billion music files were illegally exchanged last year. On the other hand, 1.4 billion copies were legally sold last year, while the best-selling digital release, Lil Wayne’s song Lollipop, was sold in 9.1 billion copies. The report published by IFPI also states that sales of digital music albums have continuously grown over the past six years and that just last year they increased by 25 percent and are currently worth 3.7 billion dollars. (T. Vi.)
