World Music Day Celebrates Music - Music Labels, Not So Much

emotif


You may or may not be aware that Saturday, June 21 is World Music Day -- or Fête de la Musique , as it was first named when it started in Paris in 1982. Today it's a festival celebrated on the summer solstice -- sometimes all night long -- in over 100 countries.

And while musicians are celebrating -- as musicians so often do -- the analysts at IBISWorld are noting continued declines in the traditional recorded music industry.

IBISWorld reports that even with the shifts to legal downloads now generating around $2 billion in revenue (including Apple's announcements of over five billion songs downloaded from the iTunes store!), piracy still remains the predominant way most people get their music. Additionally, the article notes, many artists are more able and interested in avoiding labels and distributing their music themselves.

And while the mobile ring-tone market has proven to be a solid area of growth for music companies, the outlook on this industry remains less than optimistic.

Around the web

Comments