p2pnet.net News:- With the multi-billion-dollar music industry claiming it’s being devastated by p2p file sharing, its BPI (British Phonographic Industry) is reporting record sales —– for the second time in two years.

"A 12% rise in unit sales lifted the album market to record levels of more than 228 million units," the BPI said last year.

Now, it’s reporting revenues of $673 million for the 2004 fiscal year, an increase of nearly $43 million, or 6.8%, over the prior year, and it says it generated royalties of more than $573 million, an increased of $40 million, or 7.5%.

Both increases were the largest in the company’s history, it says and, "BMI’s international revenues also surged ahead by 35% to more than $186 million, aided by favorable exchange rate," it boasts.

"Our achievement this year is the result of the extraordinary success and popularity of the repertoire created by BMI’s songwriters and composers, and of continued strength in BMI’s licensing efforts," says president and ceo Frances W. Preston without blushing.

This entry was posted on Wednesday, August 18th, 2004 at 8:09 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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