BuzzNewzz

The IFPI Digital Music Report 2008 shows that digital music revenues went from 400 million dollars in 2004 to 2.4 billion dollars in 2007, or from 2 per cent market share to 15 per cent market share, and the trend is for digital music to gain terrain. The top three artists in this category come from three different countries and had more than 21 million specific digital downloads for one of their songs. This trend is clearly observable when analyzing the research done by the International Federation of the Phonographic Industry (IFPI).

The Internet is driving new opportunities for labels. 1.2 million rock acts and 1.7 million R&B acts alone clamoring for attention on MySpace, and many more establishing artist profiles on Facebook and other platforms. Record labels started recognizing the potential of the web and invest up to 20 per cent of their revenues in discovering and nurturing new talent.