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Business News (more headlines) 02-08-2014

Italian Recorded Music Revenues Increase For First Time In 11 Years

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Recorded music revenues in Italy increased last year for the first time since 2002. Figures published by Deloitte for FIMI, the organisation that represents the Italian recording industry, reveal revenues increased by 4 per cent in 2013 to 117.6 million (growth was 2 per cent excluding brand partnerships, performance rights and synchronisation deals).

Revenue from digital music channels increased by 18 per cent to 38.1 million and now accounts for 32 per cent of the overall recorded music market. Growth was driven by streaming services, which generated a 182 per cent increase in revenues, as well as downloads, which increased by 6 per cent in value. Music subscription and streaming services now account for 38 per cent of the digital music market in Italy, up from 31 per cent in 2012.

Physical format sales continued to decline, falling by 5 per cent to 79.5 million. Sales of vinyl bucked this trend with revenues up by 6 per cent

Performance rights income, revenue from the broadcast and public performance of recorded music, increased by 19 per cent to 23.5 million and now accounts for 19 per cent of the overall recorded music market. Income from synchronisation deals - music used in films and television adverts - and brand partnerships increased by 3 per cent.

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