Legal digital downloads of music and video in the UK rose by some 80.6% during the past year to 112 million pounds($227 million USD) researchers said last week.
The way that consumers acquire music and video content continues to change around the world and newly released figures show that the United Kingdom is a perfect example.
Researchers reported last week that legal digital downloads of music and video in the UK rose by some 80.6% during the past year to 112 million pounds($227 million USD). The market is predicted to grow to 163 million pounds($331 million USD) in 2007, retail analysts Verdict Research said in a report "UK Music and Video Retailers 2007".
Digital download sales are expected to reach 600 million pounds($1.22 billion USD) and account for 13.5 %t of the total music and video market by 2012. It currently accounts for only a mere 4.1%, but growth has been rapid.
"The percentage figures may fall some years, but the cash growth through the tills is big," said Mick Gladding, lead analyst at Verdict.
"It is a very exciting market, probably the most important influence in video and market retailing because it provides a very attractive method for customers.
"It is highly convenient to shop from home and is a low-cost way of delivering music to the customer from the retailers’ point of view."
With an increasing number of music artists like Radiohead and others turning to online digital distribution to release content directly to consumers the volume of digital downloads will continue to rise..
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What kills me is they act like it is a HUGE success… when all they did was offer more digital convenient content and the people used to buy cds are buying that. It definitely isn’t a huge feat over p2p. But personally. I will be happy when 100% of the proceeds going to the artist. Honestly I always see a place for p2p forever. Because there are going to be artists that will get greedy leave their record companies and want $20 for their albums anyway.
Well aren’t the British a compliant bunch.