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 BusinessHow would you like to pay only $25 for a one-day lift ticket at Pico Mountain Resort? Full StoryMONTPELIER ó Itís December, winter is on the horizon and Vermontís snowmobile season is set to... Full StoryWASHINGTON ó Facing a standoff in the Senate, the top Democrats and Republicans on Congressí... Full Story
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