British songwriters, composers and music publishers earned 623 million pounds ($944.8 million) in royalties in 2009. This is 2.6 percent more from what they earned in 2008 (607 million pounds). What is notable is, it’s the first time the growth in digital revenues outperformed the drop in CD and DVD earnings.
The global music business has been shrinking steadily in recent years, marred by online piracy and the rapid decline in physical format sales like CDs. And till now the online piracy and decline in physical format sales has far exceeded the rapid growth in legal digital revenues(or legal digital downloads). The year 2009 for the first time threw an exception in this regard; when the growth in revenues from the legal digital market compensated for the decline in revenues from traditional CDs and DVDs.In 2009 online revenues grew 73 percent, or 12.8 million pounds to 30.4 million pounds, while earnings from CDs and DVDs fell by 8.7 million pounds.
But despite the growth in digital revenues in 2009, legal digital revenues still represent a small proportion of the overall market.
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