Global music sales fell by more than 8% to $18.42bn (£12.67bn) in 2008, according to the body that represents the record industry worldwide.Physical formats like CDs and vinyl performed particularly badly - dropping by 15% globally and 31% in the US. Sales of digital formats like MP3s and ringtones grew by 24% worldwide but failed to make up the shortfall.
This is partly due to the lower price of downloads, but also because people tend not to buy entire albums online. According to figures released by the Official Charts Company earlier this year, Only 10.3m albums were downloaded in the UK last year, compared to 110.3m singles, or individual tracks.
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