OnLine Music In Line For $300 Million
The digital distribution of music online is expected to pass $300 million by 2004, a report issued Wednesday said. The report, titled ""Music Rights in Digital Media 1999: Finance and Strategy, Legislative Framework, Copyright Protection and Outlook Market Tracking International,"" estimates that the retail value of the world music market will increase to $46.9 billion by 2004. In 1998, online sales of music were $169.9 million and will rise to $3.9 billion in 2004. The United States will account for 57 percent and Europe 21 percent of the overall take. The report, released by Market Tracking International, highlights the exploitation of copyrights and assesses the opportunities for record labels, publishers and retailers in the digital arena. The report also states that digital downloading will remain a small percentage of the global total in 2004, at 8.4 percent, though is estimated to rise to 15 percent-20 percent by 2010. The United States will be the leading territory for digital downloads in 2004, with more than 70 percent of the global total. Source: Hollywood Reporter