Smart devices boost online music sales

The number of smartphone users in Korea surpassed the 20 million mark last year. The penetration rate is expected to exceed 70 percent of the population within the year. With their smartphones or tablet PCs, people carry an MP3 player with them virtually all the time.

The fast adoption of smart devices has also driven online music sales in Korea more quickly than in any other country. 

According to the International Federation of the Phonographic Industry, digital music revenues reached $4.6 billion globally in 2010, accounting for 29 percent of record companies’ trade revenue.

In Korea, the digital music industry saw a more than 10 percent increase in 2010, accounting for up 80 percent of total music sales here. The Korea Creative Contents Agency (KOCCA) said that online music sales reached 622.2 billion won ($540 million).

While offline music sales remain sluggish, online sales are to dominate up to 90 percent of total music sales here in 2014, industry watchers expect.

For full article see Korea Herald.