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Mark Mulligan, of U.K.-based MIDiA consulting, warned that Tuesday's figures did not mean the industry had put its misery years behind it. "We're probably near the bottom," he said, "but it's so marginal we could easily have another year or two where it could get worse." The physical music market continues to contract, losing another $500 million in revenue between 2011 and 2012, according to Tuesday's IFPI figures. The industry group has placed its bets on downloads, streaming and subscription services to make up for lost ground, but there's still a long way to go. Downloads and streaming audio now account for most of the music sold in the United States and Scandinavia, but physical music
-- everything from vinyl records to DVDs -- still accounts for the majority of industry revenue worldwide. Mulligan said he believed some of the lost revenue may never be recovered, with many casual users who used to buy the odd CD turning to free services such as YouTube, television music channels or Internet radio instead. "This is a case of managed decline," he said, predicting "a sustainable but smaller market built around more engaged music fans."
[Associated
Press;
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