Digital music sales up
London, July 6, 2007
US sales of digital music albums grew by 60 per cent in the first six months of 2007 but failed to offset the rapid sales decline of compact discs, according to data from Nielsen SoundScan.
Total sales of albums were down by 15 per cent for both digital and CDs, with CDs alone falling 19.3 per cent to 205.7 million units. Meanwhile, digital album sales jumped about 60 per cent to 23.5 million units.
The recorded music industry is struggling in the early stages of a transition to digital formats, such as MP3, from the dominant CD format. CD sales are declining faster than industry executives and analysts have expected.
Digital music sales are currently dominated by Apple's iTunes music site, which by some estimates has more than 70 per cent of the market.
The largest music company, Universal Music Group, owned by French media giant Vivendi, had the biggest share -- about 27 per cent -- of digital sales, and nearly 31.6 per cent of the total market share.
Warner Music Group, the fourth largest music company globally, had the second largest share of US digital album sales with 23 per cent.
Warner had 20 per cent share of music sales overall, placing it third after Sony BMG Entertainment, at 25.2 per cent, and ahead of EMI Group at 10.3 per cent.
The biggest selling albums in the first half of the year were Daughtry's self-titled work with 1.7 million units, Norah Jones' 'Not Too Late' at 1.4 million units and Akon's 'Konvicted' at 1.3 million.Reuters
More Retail & Wholesale Stories
- Emaar to list shopping malls & retail subsidiary
- Acer targets double digit growth in Saudi
- Origin offers a chance to win luxury doors
- Big jewellery show opens in Abu Dhabi
- Casio offers G-Shock in camouflage patterns
- AdvanTag to launch mobile app in Dubai
- Bahrain Duty Free plans $2.6m revamp
- Sennheiser unveils new microphone system
- Centrepoint opens 100th store in Dubai
- Panasonic to showcase top AV solutions in Dubai
- Alhokair eyes US, UK buys; plans debut sukuk
- 20 countries back Abu Dhabi jewellery show
- SanDisk launches 128GB memory card
- Canon launches 30x zoom PowerShot
- Bin Hindi unveils new 'Twenty20' sales plan
- Nokia tops UAE mobile handsets market
- Spinneys to set up distribution centre at Kizad
- P&G wins product innovation awards
- Xerox names MEA general manager
- India's Bharti group mulls Carrefour tieup
- Etisalat opens retail shop in Dubai Mall
- Ultra wealthy to spend more on luxury goods
- Kuwait group inks JV deal with China jeweller
- MAF in deal to set up retail academy
- Samsung, UPB sign deal to supply AC systems
- Samsung showcases latest UHD monitors
- Unilever named 'employer of choice' in Saudi
- New Nokia Asha range arrives in Bahrain
- Canon launches 2 compact B&W MFPs
- MAF to build new mall in Dubai IMPZ