CEBU, Philippines - The beleaguered global music industry enters the decade hoping to turn a corner by tackling piracy head on while drumming up new sources of revenue.
Grim statistics this week from the International Federation of the Phonographic Industry (IFPI) show sales falling by some 30 percent since 2004 as piracy surged.
But a huge 12 percent leap in revenue from digital channels between 2008 and 2009 should help lighten the mood at the industry’s biggest annual get-together starting Sunday at the MIDEM trade festival in this Riviera resort.
The figures show digitally-bought music now accounting for 27 percent of total music sales — 4.2 billion dollars of 15.8 billion dollars in 2009.