Worldwide Internet music sales will generate $3.3 billion by the year 2004, according to a report by Market Tracking International (MTI).
The report expects online music sales to generate revenue surpassing $550 million in the year 2000. This will represent just over 1 percent of global music sales, which are predicted to be worth more than $44 billion in 2000. In 1997, Internet music sales accounted for only 0.1 percent of total music sales, generating revenue of $28.7 million.
While the US will account for the majority of Internet music sales, MTI expects the Western European market to experience significant growth in the next few years. The study predicts that European Internet music sales will be worth $125 million in 2000, rising to $1 billion by 2004.
More than 15 percent of the companies surveyed offering online purchasing said their Web presence was profitable, 36 percent expect their sites to generate a profit in the next few years. One-third of the companies described their Web presence as a successful public relations tool.
The report estimates that music bought and downloaded directly over the Internet will account for for 10-15 percent of overall Internet sales.
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