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 — Diversity will get an extra push at this week’s BookCon and BookExpo America. Full StoryWASHINGTON — Amtrak said Tuesday it will install video cameras inside locomotive cabs to record... Full StoryNEW YORK — As TV watchers increasingly look online for their fix, cable companies are bulking up. Full Story
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