More doom and gloom for the music industry – this time from the 2002 sales figures released by the IFPI, the music industry's global industry association. Headline figures show sales dropped 7.2 percent value-wise and 8.4 percent unit-wise last year. In cash terms this amounts of a total global revenue slump of $32.2 billion. Piracy, recession, competition from other entertainment genres and, erm, more piracy were blamed for the continuing slump. That said the IFPI said the situation wasn't quite as bad as headline figures suggest. Chairman Jay Berman told Reuters: "The industry is not as bad as the headline figure suggests. CD sales are the core business and the fall there was less severe."
Apr 10, 2003
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1 min read
IFPI confirm another global sales slide
IFPI figures show global music sales fell 7.2 percent in value and 8.4 percent in units in 2002, a $32.2 billion revenue slump, with CD sales falling less.