While digital music will grow rapidly in Europe in the next five years, it will still only account for 8% of the market in five years time, or at least that is what a new report from Jupiter Research published yesterday reckons.
Beginning with the statistic that the European download market this year is expected to be worth 46.3 million euros - around four times more than last year - Jupiter reckon that by 2009 the European digital sector will be worth 836 million euros in combined subscription revenues and download sales. However that will still only account for 8% of overall music revenues. The report reckons the highest uptake of digital services will be here in the UK which will account for 30% of the European sector in five years time.
Commenting on the report Jupiter's Mark Mulligan told reporters: "Digital music distribution will be an important alternative revenue channel for the music industry, but it is not about to replace the CD."