Revenues from digital music services matched those from physical format sales. [Photo/Agencies]

For the first time, revenues from digital music services matched those from physical format sales, according to the latest Digital Music Report released by the International Federation of the Phonographic Industry (IFPI) on April 14.

Digital revenues rose 6.9 percent to $6.9 billion, representing 46 percent of all global music sales and underlining the deep transformation of the global music industry over recent years. The industry's global revenues in 2014 were largely unchanged, falling just 0.4 percent to $14.97 billion.

According to Frances Moore, chief executive of IFPI, the latest report shows an industry in continuing transition, with consumers embracing the music access models of streaming and subscription.

"The recorded music business has always led the way for creative industries in the digital world. That leadership continues today as the music industry's digital revolution continues through new phases, driven by the consumer's desire for access to, rather than ownership of, music. It is a reflection of how much we have adapted that digital revenues today are, for the first time, on a par with physical," says Moore. "Music companies are charting a path to sustainable year-on-year growth. That path was never going to be straight, but we are making great strides along it, embracing new models, licensing, investing and improving consumer choice."

Subscription revenues increased an additional 39.0 percent, offsetting an 8 percent decline in download sales, to drive overall digital revenues, while the number of paying users of subscription services rose 46.4 percent to 41 million.