Ringtone Royalties Top $71 Million
So, the music industry claims that they’re losing money left and right from people downloading MP3s. They’re desperately looking for new ways to make money, and now it seems like ringtones are a potential source of cash. Royalties from ringtones are growing rapidly, bringing in $71 million last year. Certainly, that’s a drop in the bucket compared to their main sources of revenue, but it’s growing fast and both the music and mobile phone industry think that the ringtone market still has plenty of room for growth.