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One Direction, Adele, Mumford & Sons Help Turn Music Industry Revenue Around

26 February 2013
George Chin/IconicPix/WENN.com
George Chin/IconicPix/WENN.com

Music industry insiders say 2012 was the first year to have had a global revenue growth since 1999, with the likes of One Direction, Mumford & Sons and Adele in the top-selling albums.

The music scene hasn't seen figures like this since over a decade ago, when artists like Boyzone, Backstreet Boys, and Britney Spears topped the music charts.

One Direction, Adele, Mumford & Sons Help Turn Music Industry Revenue Around
One Direction, Adele, Mumford & Sons Help Turn Music Industry Revenue Around

One Direction at The 2013 Brit Awards (George Chin/IconicPix/WENN.com)

According to the IFPI, a music industry body, music revenues rose at 0.3% year on year to £10.9bn in year 2012.

Adele's 21 was the first record to top the global album chart for two continuous years since the IFPI started reporting worldwide bestsellers in year 2001. Thumbs up for Adele!

One Direction were the biggest breakthrough artists as they had two albums in the global chart, with Up All Night and Take Me Home at numbers three and four. Well done boys!

Total recorded music sales have shrunk by 40% since the start of the millenium, from a massive $27.8bn in 1999 to $16.5bn in 2012.

Physical music sales, such as CDs was the main reason for the industry's revenue drop, down from $9.9bn in 2011 to $9.4bn in 2012.

The number one download platform is Apple iTunes which accounted for a whopping 70% of digital music revenues in 2012, but it was actually applications like Spotify that  attracted more attention.

There are now 20 million online paying music subscribers globally, and it had raised by 44% in 2011, contributing more than 10% of total digital revenues for the first time.

IFPI chief executive, Frances Moore said: "It is hard to remember a year for the recording industry that has begun with such a palpable buzz in the air.

"These are hard-won successes for an industry that has innovated, battled and transformed itself over a decade. They show how the music industry has adapted to the internet world, learned how to meet the needs of consumers and monetised the digital marketplace."

Moore added: "This is a really pivotal moment on the path to recovery for our industry, but it's still fragile and there are many things that need to be done to ensure that path to recovery continues."

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