Following a recent report that global music sales have finally increased for the first time in 15 years, Asymco sheds some light on the matter with a new report, revealing that Apple’s iTunes Store was the single most significant factor in that growth. In fact, the iTunes Store accounted for a massive 60% of all digital music revenues for all of 2012!
Global music revenues for 2012 were reported at $16.5 billion, $5.6 billion of which came directly from digital music downloads. Apple paid record labels a $3.4 billion in 2012 for iTunes music sales, which accounts for about 60% of all of those digital revenues. That’s huge – especially considering that Amazon MP3, another popular digital music platform, apparently didn’t account for anywhere near that amount.