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CNM Update

News | 01/29/2003 5:00 am EST

Global music industry worth $47.6 billion in 2001: Music Week
U.K. magazine Music Week reports on a new study that estimates the value of the global music industry in 2001 was US$47.6 billion. The report’s authors include revenues from pre-recorded music sales, music publishing, live event ticket sales and merchandizing and sponsorship. The figures don’t include indirect sources of revenues such as royalties for music played on radio or TV, or music hardware.
The most important source, as might be expected, was pre-recorded music sales, worth an estimated US$33.6 billion. Ticket sales to live events counted for US$6.5 billion, and music publishing was pegged at US$4.6 billion. Merchandizing and admission to dance clubs were each worth an estimated US$1 billion. The study goes on to say that growth in the music industry will only come about in 2005 due to piracy, competition from other entertainment sources, and economic malaise in Germany and Japan. The report’s authors predict that the value of pre-recorded music in 2011 will be US$41.1 billion.
In Canada, according to a survey entered into evidence at the Copyright Board of Canada’s hearing into the blank media levy, about 96 million CDs were sold in 2001-2002. That would translate very roughly into $911 million, or approximately 2.75% of total album sales worldwide.

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