James Delahunty
15 Mar 2010 8:33
PRS for Music has compiled figures showing that growth in digital music downloads lead to a increase in royalties paid to British songwriters, composers and publishers. About £623 million was paid out in 2009 in royalties, up 2.6 percent from the total in 2008. It represents the first time that growth in digital revenues was larger than the drop in CD and DVD earnings for the industry.
"2009 was the first year in which the growth in revenues from the legal digital market compensated for the decline in revenues from traditional CDs and DVDs, though we remain cautious as to whether this represents a true turning point," said PRS for Music chief executive Robert Ashcroft.
"The next decade does, however, promise further growth in earnings from the legal digital market as well as the use of British music overseas." The global music business witnessed continuing declines throughout the last decade. It blames growth of Internet piracy and the decline of physical format sales for the reduction in revenues.
The overall increase in the market in the UK was due to a sharp rise in the use of British music abroad, rising 19 percent to £166.9 million.