Online music market to reach $1 bln in 2005

While Peer-2-Peer and piracy issues have not entirely disappeared, consumers are showing heightened awareness and interest in legitimate online music services, reports In-Stat. The worldwide online music market is expected to grow 134% this year, reaching $1 billion for the first time. Over 50% of the survey respondents who have downloaded music from the Internet admitted to not paying for it. The average amount spent in the past year for online music was $25. 35% of the respondents are owners of an MP3 player, with 70% saying it was their first one.