NEW YORK (CelebrityAccess MediaWire) — A report issued by accountancy and business consulting firm PricewaterhouseCoopers has taken a comprehensive look at trends in the recorded music industry.
Among the study's findings is the prediction that a majority of recorded music purchased will be distributed digitally as opposed to more traditional formats such as CDs. According to the study, Asia will be the first to make the transition, with the tipping point occurring in 2009 followed by the US with sales eventually topping $6.6 billion dollars in 2011.
While money spent globally on music is expected to expand in the next four years, topping $40 billion dollars by 2011, however the US market is expected to shrink by half a percentage point annually for the next few years.
The continued growth in the availability of digital music is expected to help drive sales with continuing focus in music videos and "ringtunes", which are projected to be hitting sales totals of $1.58 billion by 2011. – CelebrityAccess Staff Writers