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Germany overtakes

To add insult to the ever-smarting injury of lost penalty shootouts comes the news that Germany has overtaken the UK to become the third biggest music market in the world.

Buoyed by the growth of download sales by 19.6%, our great island nation can only have been lulled into a false sense of security, for a closer look at official statistics published by Music Week shows that overall the UK’s music market has shrunk by 11% - enough to result in the country’s humiliating slip into fourth place.

The biggest market is still the US, worth £2.55bn, with Japan second at £2.42bn and Germany now in third position with £865m. The UK could only manage £797 million.

A report by the IFPI (International Federation of the Phonographic Industry) has revealed that worldwide the music market's value fell by more than 8% during the last year.

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