January 22, 2007 Record labels have become digitally literate companies, selling an estimated US$2 billion worth of music online or through mobile phones in 2006 (trade revenues), almost doubling the market in the last year. Digital sales now account for around 10% of the music market as record companies experiment and innovate with an array of business models and digital music products, involving hundreds of licensing partners. Among new developments in 2006, the number of songs available online doubled to four million, thousands of albums were released across many digital formats and platforms, classical music saw a "digital dividend" and advertising-funded services became a revenue stream for record companies. If you're interested in the development of the digital music industry, IFPI's Digital Music Report 2007 is available online and well worth a read.
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