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Global CD sales fell sharply in 2006 and, though downloads of music are on the increase, overall music sales declined.
Figures from the IFBI, the global music industry association show that total music sales fell 5% from $20.7bn (£10.25bn) in 2005 to $19.6bn (£9.73bn) last year.
Revenues from online creative content across Europe will reach €8.3 billion (£5.5 billion) by 2010, according to an EU study. The spread of broadband, mobile and the adoption of digital gadgets will drive the growth.
The research, titled 'Interactive Content and Convergence: Implications for the information Society' assessed the outlook for the online content market, identifying growth areas and potential 'roadblocks' for the market.
A new Nielsen//NetRatings report has revealed that young people are the biggest spenders when it comes to online content, with the 16-24 year old age group leading the way.
Overall, UK internet users currently spend an average of £3 a month on downloading content, with videos taking 43% of the market.
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