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Industry Publication Values Music Industry at $47.6B

The value of the global music industry reached $47.6 billion in 2001, according to a report by British industry publication Music Week.

The figures cover recorded music sales, music publishing, ticket sales for live events, merchandising and sponsorship, and Music Week said Wednesday they mark the first attempt to place a value on the global music universe.

Sales of recorded music in 2001 accounted for 70 percent of global revenue, around $33.3 billion, with ticket sales for live events providing the second-highest revenue source at around $6.5 billion, the report said.

Music publishing provided $4.6 billion, with merchandising and admission to dance clubs adding a further $1 billion each and sponsorship of concerts, tours and festivals producing $500 million.

The figures refer to income derived by artists and music companies directly from music performances and do not include income such as that collected by radio and TV broadcasters for airing recordings or by music hardware manufacturers.

The report estimates that the value of global recorded music sales fell 9 percent in 2002, predicting further declines until 2004.

It cited growing Internet piracy, increased competition from other entertainment formats, including non-music DVDs, and poor economic conditions in key markets such as Germany and Japan.

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