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Business News (more headlines) 02-23-2013

The Global Transition To Digital Music

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According to data from IHS Screen Digest, South Korea is transitioning from the physical music market to the digital one faster than any other country, with 56% of consumer spending on music occurring through digital services in 2012. The United States and United Kingdom are close behind with a 52% and 45% digital share of total spending on music, respectively. However, based on current trends, the US is expected to take top spot by 2016 followed by the UK.

Meanwhile, a separate survey from the British Phonographic Industry reveals that almost 20% of consumers preferred to buy all their music in digital form. Last year also saw 27.7% of UK music fans purchasing downloads from stores such as iTunes or Amazon; or streamed songs from services like Spotify or YouTube.

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