iTunes music took a year-long dip hit in sales, according to statistics from Apple, CNET reported on Tuesday.
Apple said the iTunes music store overall brought in more revenue in fiscal year 2014 than in 2013, but added that music sales have dropped by 13 to 14 percent this year. Findings were detailed in an 88-page report produced annually for the Securities and Exchange Commission.
"The iTunes Store generated a total of $10.2 billion in net sales during 2014 compared to $9.3 billion during 2013," Apple said. "Growth in net sales from the iTunes Store was driven by increases in revenue from app sales reflecting continued growth in the installed base of iOS devices and the expanded offerings of iOS Apps and related in-App purchases. This was partially offset by a decline in sales of digital music."
The loss of music download sales contrasts a 2.1 percent global decline last year. In Japan, steep drops in digital and CD sales were also reported. Taking into account CD sales, which have been sinking for more than 10 years, music sales across the globe held steady, according to Market Watch.
The loss of sales may demonstrate why Apple purchased Beats Music, the $10-a-month subscription streaming platform earlier this year as part of its acquisition of the company, which includes headphone producer Beats Electronics. Beats Music will be redesigned and combined next year as part of iTunes.
Apple still has the market cornered on physical or digital music sales across the world. That dominance is particularly strong over other download stores.
