Ringtone Business
The fact that consumers are willing to pay up to $3 for ringtones has made "mobile music" a particularly profitable part of the music industry. Estimates vary: the Manhattan-based marketing and consulting firm Consect estimated ringtones generated $4 billion in worldwide sales in 2004. According to Fortune magazine, ring tones generated more than $2 billion in worldwide sales during 2005. The rise of sound files also contributed to the popularization of ringtones. In 2003 for example, the Japanese ringtone market, which alone was worth US $900 million, experienced US $66.4 million worth of sound file ringtone sales. Also in 2003, the global ringtone industry was worth somewhere between US $2.5 and US $3.5 billion. In 2009, the research firm SNL Kagan estimated that sales of ringtones in the United States peaked at $714 million in 2007. SNL Kagan estimated U.S. sales in 2008 declined to $541 million, due in part to consumers having learned how to create their own ringtones.
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