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 BusinessWASHINGTON — Pressure is on Congress to act in the next two weeks on several problems, from... Full StoryNEW YORK — Solid earnings for a range of big companies helped nudge the stock market higher on... Full Story
- Most Popular
- Most Emailed
- TODAY'S WEATHER MINUTE: Rutland Herald content editor Rich Alcott shares local weather information and easily digestible news tidbits: Ever wonder why the otherwise straight-lined Appalachian chain's got a big crimp in it in Pennsylvania and and New York?
- TOMORROW'S HEADLINES TODAY: Scott Milne opens campaign for governor's office, crime statistics fall in city, new home for homeless prevention center, traffic cameras are not watching you, capital panel hears testimony about protecting children.