The music industry, the first media business to be consumed by the digital revolution, said Tuesday that its global sales had risen last year for the first time since 1999, raising hopes that a long-sought recovery might have finally begun.
The increase, of 0.3 percent, was tiny, and the total revenue, $16.5 billion, was a far cry from the $38 billion that the industry took in at its peak more than a decade ago.
Still, even if it is not time for the record companies to party like it’s 1999, the figures, reported Tuesday by the International Federation of the Phonographic Industry, provide a significant psychological boost.
“It’s clear that 2012 saw the global recording industry moving onto the road to recovery,” said Frances Moore, head of the federation. “There’s a palpable buzz in the air that I haven’t felt for a long time.”MORE IN National / World BusinessNEW YORK — The stock market moved lower Friday, snapping four days of gains, as U.S. Full StoryNEW YORK — Apparently, airline passengers aren’t buying enough garden gnomes, superhero pajamas... Full StorySome McDonald’s workers who say they were fired because of their race are suing the fast-food... Full Story
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