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JUPITER RESEARCH CUTS ONLINE MUSIC FORECAST, BUT MARKET WILL STILL QUADRUPLE TO $3.3 BILLION IN 2008
(New York, NY - July 28, 2003) - Due to overall music industry doldrums and lackluster digital offerings, Jupiter Research, a division of Jupitermedia Corporation (Nasdaq: JUPM), today announced at the Jupiter Plug.IN Conference & Expo, taking place at the Crowne Plaza Hotel in New York City, that it has slashed the online music forecast it released earlier this year. Still, online music will grow from less than $1 billion in 2003 to $3.3 billion in 2008, when the Internet will account for 26% of U.S. music spending.Online CD sales will remain essentially flat in 2003, at $750 million. "While Apple has rekindled interest in digital downloads, total digital sales -- downloads and subscriptions - will not surpass $80 million this year," said Jupiter Research Senior Analyst Lee Black. "The industry is suffering from competition for entertainment dollars, changing demographics, the end of the CD upgrade cycle and piracy," added Black. To date, only 17% of online adults say that they've cut back on their file-sharing due to fear of legal consequences, according to a recent Jupiter Research survey.
It's not much better in Europe. "Europe's online music market has been stuck in the starting blocks for the last few years, but the tide is finally beginning to turn," said Jupiter Research Senior Analyst Mark Mulligan. "EMI's decision to make most of its catalog available online is an eye-opener, and while consumer demand remains low and file sharing rampant, the foundation is now falling into place for Europe's legitimate online music market," stated Mulligan.
The complete findings of this report are immediately available to Jupiter Research clients online. For more information please contact Kieran Kelly at 1-800-481-1212 or [email protected].
About Jupitermedia Corporation
Jupitermedia Corporation (Nasdaq: JUPM), (www.jupitermedia.com)
headquartered in Darien, CT, is a leading provider of global real-time news, information, research and media resources for information technology, Internet industry and graphics professionals. Jupitermedia includes the internet.com, EarthWeb.com and ArtToday.com Networks which include over 165 Web sites and 175 e-mail newsletters that generate nearly 230 million page views monthly. Jupitermedia also includes Jupiter Research, a leading international research advisory organization specializing in business and technology market research in 18 business areas and 11 vertical markets. In addition, Jupiter Events produces offline conferences and trade shows focused on IT and business-specific topics, including Computer Digital Expo, America's 21st Century Enterprise IT Conference & Expo (www.cdxpo.com).
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release which are not historical facts are "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The potential risks and uncertainties address a variety of subjects including, for example, the competitive environment in which Jupitermedia Corporation competes; the unpredictability of Jupitermedia Corporation's future revenues, expenses, cash flows and stock price; Jupitermedia Corporation's ability to integrate acquired businesses, products and personnel into its existing businesses; Jupitermedia Corporation's international and venture fund investments; any material change in Jupitermedia Corporation's intellectual property rights and continued growth and acceptance of information technology and the Internet. For a more detailed discussion of such risks and uncertainties, refer to Jupitermedia Corporation's reports filed with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934. The forward-looking statements included herein are made as of the date of this press release, and Jupitermedia Corporation assumes no obligation to update the forward-looking statements after the date hereof.
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All current Jupitermedia Corporation press releases can be found on the World Wide Web at http://www.internet.com/corporate/press.html.
