Digital music – ‘20% music sales by 2008’
The singles market is in resurgence thanks to digital music services, a leading music industry figure said yesterday.
Speaking at the Music 2.0 conference, Sony BMG’s global digital business president Thomas Hesse revealed industry optimism at the emerging opportunities of new music delivery mechanisms, such as iTunes and ringtones.
Digital Music News reports he said: “Digital music is expected to grow to 19-20 percent of the market by 2008. This is a fundamental transformation.”
He looks forward to exclusive digital sales, pre-release sales and video as new ways to harness digital technologies to spur music sales.
He also favours new payment systems for artists, where they get paid a percentage by revenue, rather than unit, sales.